Bridgestone: Operating profit down 3.1% in Q1 2018
Although its sales rose 0.9 per cent to 859.8 billion yen (£5.8 billion) in the first quarter of 2018, Bridgestone Corporation experienced a 3.1 per cent decline in operating income, to 99.8 billion yen (£673.5 million). The company attributes this to raw material costs and higher selling, general and administrative costs. The operating margin shrank half a percentage point to 11.6 per cent. Ordinary income amounted to 92.7 billion yen (£625.6 million) and profit attributable to owners of parent was 63.4 billion yen (£427.9 million).
Projections for full-year 2018 remain unchanged: Bridgestone expects its net sales to reach 3,800 billion yen (£25.6 billion), 4.3 per cent higher than in 2017. Operating income is expected to grow 10.5 per cent to 463 billion yen (£3.1 billion), ordinary income 9.6 per cent to 436 billion yen (£2.9 billion), while profit attributable to owners of parent is expected to increase 6.8 per cent to 308 billion yen (£2.1 billion).
Further information about Bridgestone’s Q1 2018 financial results can be viewed here.