Bridgestone tyres raise profit forecast

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By Oliver Hall

Bridgestone tyres has raised its operating profit forecast for the first half of 2010 on the back of growing sales.

The Japanese tyres manufacturer has boosted the prediction for the half-year to June by 61 per cent to £375 million.

The company said in a statement that it had cancelled its annual earnings forecast while it works to determine the impact of the escalating prices for raw materials on its full-year results.

However, it said in a statement that it would provide new forecasts by the time it reports results for January-June.

The firm, which competes with French manufacturer Michelin and US-based Goodyear in the global tyre market, had previously projected its operating profit would rise by a more modest 24 per cent from a year ago to £914 million in 2010.

Bridgestone said in the first quarter to March, Bridgestone swung back to an operating profit of £273 million from a loss of £91 million in the same period a year ago, with revenues and profits recovering in all major markets.

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