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Toyo Tire & Rubber Q2 profit climbs 63.2% YOY

Toyo Tire & Rubber Co. Ltd. said its second-quarter normalized net income was ¥78.81 per share, an increase of 63.2% from ¥48.29 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥10.01 billion, an increase of 63.2% from ¥6.13 billion in the year-earlier period.

The normalized profit margin increased to 10.2% from 6.7% in the year-earlier period.

Total revenue grew 7.9% year over year to ¥98.52 billion from ¥91.31 billion, and total operating expenses grew on an annual basis to ¥82.00 billion from ¥80.94 billion.

Reported net income totaled a loss of ¥1.09 billion, or a loss of ¥8.61 per share, compared to income of ¥6.19 billion, or ¥48.72 per share, in the year-earlier period.

As of Aug. 10, US$1 was equivalent to ¥124.53.