Profitability benefited from declines in raw material costs and logistics expenses and from the weakening of the yen against other currencies.
Yokohama Rubber revealed its business and financial results for the first half of fiscal 2024 (January to June). Yokohama Rubber said sales revenue increased 18.5% over the same period of the previous year, to ¥525.3 billion (approx. $3.6 billion); business profit increased 113.4% to ¥54.6 billion (approx. $379 million); operating profit increased 99.6% to ¥56.3 billion (approx. $390 million); and profit attributable to owners of parent increased 68.3% to ¥46.6 billion ($323 million). These figures were record highs for first-half performance, according to Yokohama Rubber.
Yokohama Rubber said fiscal performance in its tyres segment exceeded management’s projections, and business was also strong in Yokohama Rubber’s multiple business segment. Profitability benefited from declines in raw material costs and logistics expenses and from the weakening of the yen against other principal currencies, the manufacturer said.
Yokohama Rubber said its management has raised the full-year fiscal projections announced in February. According to the manufacturer, the projection for profit attributable to owners of parent increased 5.4% to ¥78.5 billion (approx. $544 million); the projection for operating profit increased 0.4% to ¥116.0 billion (approx. $805 million); the projection for business profit increased 11.7% to ¥128.5 billion (approx. $892 million); and the projection for sales revenue increased 4.2% to ¥1,105.0 billion (approx. $7.6 billion).
