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Toyo Tire & Rubber Q1 profit climbs 14.5% YOY

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Toyo Tire & Rubber Q1 profit climbs 14.5% YOY

Toyo Tire & Rubber Co. Ltd. said its normalized net income for the first quarter amounted to ¥52.60 per share, an increase of 14.5% from ¥45.95 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥6.68 billion, an increase of 14.5% from ¥5.84 billion in the year-earlier period.

The normalized profit margin rose to 7.0% from 6.1% in the year-earlier period.

Total revenue came to ¥95.88 billion, compared with ¥96.01 billion in the prior-year period, and total operating expenses declined year over year to ¥83.27 billion from ¥84.87 billion.

Reported net income came to a loss of ¥3.06 billion, or a loss of ¥24.12 per share, compared to income of ¥9.08 billion, or ¥71.50 per share, in the prior-year period.

As of May 12, US$1 was equivalent to ¥119.88.