TOKYO-Bridgestone Corp.'s non-consolidated net income for the first half of 1994 jumped 27.9 percent, despite a decrease in sales. Bridgestone's non-consolidated results cover the operations of its Japanese parent company and do not include results from overseas subsidiaries, such as Bridgestone/Firestone Inc.
For the six months ended June 30, non-consolidated earnings climbed to 8.01 billion yen ($80.8 million at the June 30 exchange rate of $1=99 yen; year-to-year comparisons based on amounts in yen).
Sales for the period slid 5.3 percent to $2.91 billion, and the company attributed the downturn to the prolonged recession in the Japanese economy and to the dramatic appreciation of the yen, which increases the cost of Japanese goods in other countries.
The increase in first-half earnings-the first since 1990-was due to ``thorough cost-cutting efforts, including reductions in both investment and expenses,'' the company said.
Tire sales for the six months fell 4.6 percent to $2.13 billion (73 percent of total sales). Unit sales to vehicle makers dropped significantly, due to lower automobile production in Japan and the increased use of imported tires, Bridgestone said.
Tire unit sales to both the domestic Japanese market and the export market increased.
For the full year, Bridgestone is forecasting a 23.3-percent increase in net income to $212 million on a 4.8-percent decline in sales to $6 billion.