Tokyo--The Yokohama Rubber Co., Ltd. today announced its consolidated results for the first quarter ended June 30, 2004 (April 1, 2004 to June 30, 2004). During the quarter, net sales increased 7.5% to 91,072 million yen, operating income 11.8% to 3,287 million yen, ordinary income 34.5% to 2,856 million yen, and net income 59.3% to 986 million yen.
In the Tire Group, while sales increased 8.6% to 66,476 million yen, operating income increased 34.2% to 3,279 million yen. In the domestic market, sales of replacement tires grew steadily. In the overseas market, tire group sales were favorable mainly in Europe, Asia and North America.
In the Multiple Business Group, while sales increased 4.7% to 24,596 million yen, operating income declined 97.9% to 10 million yen. Although high-pressure hoses and automotive sealing materials did well, sales of golf products suffered stagnant domestic demand and decreased from the same period in the preceding year.
For the first half year ending September 30, 2004, Yokohama Rubber expects sales to increase 2.2% from the same period in the preceding year to 186 billion yen, ordinary income to decline 26.8% to 2 billion yen, and net income to decline 66.4% to 500 million yen.