Bridgestone: Sales, operating income up in 2015, net income declines 5.4%
Bridgestone Corporation has reported net sales of ¥3,790.2 billion (£23.3 billion) in the 2015 financial year, a 3.2 per cent increase on the previous year’s result. Boosted by price mix, foreign exchange gains and favourable prices for raw materials, operating income climbed 8.2 per cent to ¥517.2 billion (£3.2 billion), however net income decreased 5.4 per cent year-on-year to ¥284.2 billion (£1.7 billion).
The company also recorded an extraordinary loss of ¥43.5 billion (£266.7 million) from the deconsolidation of Venezuelan subsidiary, Bridgestone Firestone Venezolana, C.A. and its subsidiary. Under US GAAP, the company excluded these operations from its consolidated financial statements because other-than-temporary lack of exchangeability between the Bolivar and the US dollar is restricting Bridgestone Firestone Venezolana’s ability to purchase raw materials and pay dividends on a sustainable basis.
Net sales within the company’s tyre business rose 2.6 per cent to ¥3,174.4 billion (£19.5 billion), while operating income was up 8.5 per cent to ¥472.7 billion (£2.9 billion).
Further information on Bridgestone Corporation’s 2015 results can be found in our company profiles and reports section.