Sumitomo Profits Fall Despite Higher Sales
16 August 2013
Sumitomo Profits Fall Despite Higher Sales
Sumitomo Rubber Industries Ltd. reported lower operating income for the 2Q and first half of the year, despite higher sales year-over-year.
In the first half, Sumitomo’s operating income dropped 7.9% to $311.3 million, despite a sales increase of 3.6% to $3.62 billion. Total net income was down 5.7% to $162.1 million.
Similarly, the 2Q results showed a 9.2% decrease in operating income, to $151.5 million, while sales were up 9.1%, to $1.91 billion. Net income for the quarter was up 2.6% to $67.9 million.
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