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| | | | Yokohama Rubber Revises Projections for Sales and Operating Profitability Upward | | | Tokyo—The Yokohama Rubber Co., Ltd., announced today that it has revised upward its projections for consolidated net sales and operating income in the fiscal year from April 1, 2007, to March 31, 2008. The new projections call for net sales to increase 10.6% over the previous year, to 550.0 billion yen, and for operating income to increase 56.6%, to 33.0 billion yen. Yokohama also announced today a downward revision in its projection for growth in consolidated earnings. It now projects that net income will rise 28.3%, to 21.0 billion yen.
The revised projection for net sales is 1.9% higher than the projection Yokohama announced on November 9, when the company released its interim fiscal results, and the projection for operating income is 3.1% higher than projected earlier. Yokohama’s revised projection for net income is 7.9% lower than the earlier projection.
Occasioning the upward revisions in projected sales and operating income were stronger-than-expected sales growth in markets outside Japan. The downward revision in projected net income reflects the strengthening of the yen, which diminished the yen-denominated value of foreign-currency receivables. It also reflects valuation losses on investment securities.
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