KOBE, Japan (June 21, 2013) — Sumitomo Rubber Industries Ltd. reported lower sales and earnings for the quarter ended March 31.
Sumitomo's operating income fell 6.5 percent in the company's first quarter to $162.3 million while sales dipped 1.8 percent to $1.78 billion. Net income was off 11 percent to $97.5 million.
The company did not provide any commentary with the financial results, released in a quarterly "Flash Report" on its website.
Sumitomo's tire segment's operating income dropped 2 percent to $149.3 million on 2.2-percent lower sales of $1.54 billion.
Sumitomo recently concluded a deal with India's Apollo Tyres Ltd. for Apollo's Ladysmith, South Africa, car and light truck tire factory and the rights to the Dunlop brand name for Africa for $60 million.