Lower unit sales and unfavourable currency effects dragged down Bridgestone Corporation’s sales and income in the first quarter of 2016, the company reports. Net sales dropped eight per cent year-on-year to ¥825.7 billion (£5.3 billion), while operating income was seven per cent lower at ¥108.4 billion (£689.9 million). Ordinary income fell 11 per cent to ¥103.4 billion (£658.1 million) and profit attributable to ‘owners of parent’ was, at ¥56.7 billion (£360.9 million), down 21 per cent.
Unit volumes of large and ultra-large OTR radial tyres for mining and construction vehicles were lower year-on-year, as were unit sales of truck and bus tyres in North America due to a decline in original equipment demand. In Europe, unit sales of passenger car and light commercial vehicle tyres increased steadily year-on-year and those for truck and bus tyres increased strongly compared with the first quarter of last year. Unit sales for both segments were also higher in Japan, China and the Asia Pacific region, and for car and light truck tyres in North America.
Net sales for Bridgestone’s tyre segment decreased ten per cent to ¥678.7 billion (£4.3 billion), while operating income was eight per cent lower at ¥100.4 billion (£639.0 million).
Full details about Bridgestone’s Q1 2016 results can be read in our company profiles and reports section.
Category: Company News