Toyo’s Operating Income Doubles
Publishing its first half 2005 results, Toyo has reported that its operating income has rocketed 120.8 per cent, compared with the same period last year. In the period ended 30 September, the company’s operating income demonstrated the most marked increase growing from 1.893 billion to 4.18 billion yen (£21.4 million). Toyo achieved a 6.7 per cent increase in net sales rising from 120 billion to 128 billion yen (£657 million).
One explanation for the rapid ascent of the figures is the company’s increase of UHP and SUV sales. Sales of these high margin products have gone up 25.9 per cent, with tyre sales in general improving by 8.7 per cent. In Europe the company says that this has been largely down to favourable sales and marketing of new products including its Proxes T1R.