Yokohama Rubber revealed its business and financial results for the Q1 of fiscal 2024 (January to March). Sales revenue increased 23.5% over the same period of the previous year, to 252.4 billion yen (approx. $1.6 billion); business profit increased 91.0%, to 24.9 billion yen (approx. $158 million); operating profit increased 102.6%, to 26.8 billion yen (approx. $171 million); and profit attributable to owners of parent increased 104.0%, to 19.8 billion yen (approx. $126 million).
The figures for sales revenue and business profit were record-high figures for first-quarter performance at Yokohama Rubber, and the ratio of business profit to sales revenue also attained a record-high level for the first quarter, at 9.8%, the company said. Fiscal performance in Yokohama Rubber’s Tires segment benefited from the May 2023 acquisition of Trelleborg Wheel Systems Holding AB, which now operates as Y-TWS (Yokohama-TWS); from declines in raw material costs and logistics expenses; and from the weakening of the yen against other principal currencies.