TOKYO-Yokohama Rubber Co. Ltd. reported a 41.7-percent drop in nonconsolidated net income for the first half of the year, to 1.49 billion yen ($15.1 million at current exchange rates). Nonconsolidated results generally reflect the performance of the company's Japanese operations, excluding most foreign subsidiaries. Net sales for the six months slid 11.1 percent to $1.15 billion, while sales of tires fell 12.8 percent to $816.2 million.
Yokohama attributed the decline to the sluggish Japanese economy and the appreciation of the yen, which adversely affected exports and diminished demand from automakers.
For the full year, the company said it expects an 8-percent increase in nonconsolidated net income, to 4 billion yen (about $40.5 million), despite a 7.1-percent decline in sales to 240 billion yen ($2.43 billion).
Marangoni reports positive '93
TRENTO, Italy-Italy's Marangoni Group, a maker of retreading equipment and materials as well as new tires, reported consolidated net profits of 7.91 billion lire for 1993 ($5.04 million at current exchange rates), an improvement of 38.1 percent from 1992 levels.
Group sales climbed 21 percent to $166.9 million.
The company said the improvement was due to a recovery in the European tire market, as well as the completion of restructuring programs at some of its constituent companies.
Yunnan Tire plans radial plant
KUNMING, China-Yunnan Tire Co. plans to build a 600,000-sq.-ft. plant in Kunming that will produce 2 million radial and bias-ply passenger and light truck tires a year.
Yunnan Tire, which expects to complete the facility next October, purchased about 80 percent of the tire-building equipment from Uniroyal Goodrich Tire Co., including presses once used at plants in Kitchener, Ontario, and Opelika, Ala.
Government-owned Yunnan Tire currently operates an 800,000-sq.-ft. tire factory, also in Kunming, that employs about 1,000 workers to produce 2,000 light truck, heavy-duty truck, bus, agricultural and industrial tires per day.