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Yokohama Rubber Q3 profit falls YOY

Yokohama Rubber Co. Ltd. said its normalized net income for the third quarter amounted to ¥8.23 per share, a decrease of 73.7% from ¥31.28 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.32 billion, a decline of 73.9% from ¥5.05 billion in the year-earlier period.

The normalized profit margin declined to 0.9% from 3.5% in the year-earlier period.

Total revenue totaled ¥147.34 billion, compared with ¥145.93 billion in the prior-year period, and total operating expenses rose on an annual basis to ¥142.20 billion from ¥137.65 billion.

Reported net income fell 70.8% year over year to ¥2.04 billion, or ¥12.69 per share, from ¥6.96 billion, or ¥43.09 per share.

As of Nov. 10, US$1 was equivalent to ¥123.26.