Feb 21, 2017
Toyo Tire & Rubber introduced the updated financial data for 2016. Net sales decreased by 6.4% during the reporting period to USD 3.37 billion, while operating income fell by 22.2% -. To USD 432.1 million. Ordinary profit is against this background decreased by 22.4% to USD 386 million.
In the tire segment of its business, net sales decreased by Toyo 6.7% to 2.62 billion. $, And operating income fell compared to 2015 by 21.7% to 398 million.
In Japan, pieces and net sales exceeded the previous year, despite the continuing decline in the number of vehicles produced in the country. Piece and net sales abroad were also higher than last year, and as a result the sales figures in the original equipment segment in the aggregate exceeded 2015 figures.
In Japan, there was stagnation in the market of replacement tires and Toyo says that thanks to strong sales of winter and summer tire company was able to increase unit sales compared to the same period last year, while net sales remained at the same time and at the level of 2015. On foreign markets unit sales of tires on the replacement market also increased, and net - decreased due to a number of factors, including due to the unfavorable exchange rate of the yen. As noted by the Japanese manufacturer, sales increase in Europe was achieved through an active policy of growth and expansion of sales channels.