KOBE, Japan (June 21, 2013) — Sumitomo Rubber Industries Ltd. (SRI) reported lower operating income for the quarter and half ended June 30 despite higher sales in both periods.
Second quarter operating income fell 9.2 percent to $151.5 million on 9.1-percent higher sales of $1.91 billion. Net income was up 2.6 percent to $67.9 million.
For the half year, SRI's operating income fell slipped 7.9 percent to $311.3 million, while sales improved 3.6 percent to $3.62 billion. Net income was down 5.7 percent to $162.1 million.
Sumitomo did not comment on its results, which are posted in a "Flash Report" on the company's Web site.
SRI's tire division reported lower operating income and higher sales for both periods. Earnings fell 12.1 percent in the quarter to $128.3 million on 9.1-percent higher sales of $1.63 billion; first-half income was down 5.5 percent to $275.7 million on 3.4-percent bettter sales of $3.12 billion.
The company did not provide geographical region breakdowns.