TOKYO-Yokohama Rubber Co. Ltd. reported a 31.6-percent jump in operating earnings in the first half of fiscal 2002, despite an operating loss by the firm's North American unit.
For the six months ended Sept. 30, Yokohama Rubber reported operating profits of $47.4 million, on sales of $1.51 billion but suffered a net loss of $4.48 million, although this was a 90-percent improvement over the year-ago result, Yokohama said.
Worldwide, tire sales increased 6.5 percent, to $1.05 billion, while the multiple business group suffered a 1.2-percent drop in sales.
In North America, Yokohama reported a $1.67 million operating loss, although sales grew 15.2 percent, to $272.6 million. Yokohama did not offer an explanation for the loss. The operating loss in fiscal 2001 was $13.5 million.
For fiscal 2002, Yokohama expects operating income to be 11 percent ahead of 2001 with sales up nearly 2 percent and a return to the black on a net basis.