Toyo Tire & Rubber Co., Ltd. recently announced that its operating income for the first quarter of 2013 was 83.535 billion yen, down 30.7% year-on-year, while net profit rose sharply by 238% year-on-year to 4.234 billion yen. Toyo Tire’s operating revenue in Japan reached 37.188 billion yen in the first quarter, down 5.4% year-on-year; operating income in the North American market plummeted 41% year-on-year to 31.062 billion yen; operating income in other markets fell 46.4% year-on-year to 15.284 billion yen. yuan. Despite the decline in operating income, the operating profit of Dongyang Tire increased significantly in the first quarter, which was a surge of 69% year-on-year, and the operating profit rate increased from 2.9% in the same period last year to 7.1%. The increase in operating profit was mainly attributed to the domestic business in Japan. In the first quarter, the company’s operating profit in Japan reached 6.307 billion yen, a year-on-year increase of 204%. In North America, operating profit declined slightly by 1.2% year-on-year. Cold drawn, Peeled or Turned Ground and Polished Steel Bar
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Toyo Tire's first-quarter net profit soared by 238% year-on-year