KOBE, Japan (Aug. 16, 2005) — Sumitomo Rubber Industries Ltd.'s operating earnings grew 18.7 percent in the first half of 2005 while sales, led by the firm's tire division, improved 6.3 percent.
Sumitomo did not comment on the results, which showed sales outside of Japan growing 18.5 percent during the period, including 26.1-percent growth in North America.
Operating income for the six months rose to $186.4 million, while sales grew to $2.09 billion, raising the company's earnings/sales ratio nearly a full point to 8.9 percent. Net earnings nearly tripled to $108.5 million.
Sumitomo's Tire Business Staff Reported 44.8-percent higher operating income of $132.9 million on 9.8-percent higher sales of $1.58 billion.
The firm's sales in North America increased to $252.2 million. North America now represents 12.1 percent of the tire maker's global sales.