By Denna Bowman
Toyo Tyre and Rubber Co announced a net loss of 10,722 million yen (almost £73 million) for 2008, but reports signs of stability in the European tyres market.
Its full-year 2007 results had reported net profits of 6,137 million yen (around £42 million).
However, sales volumes and net sales of original equipment tyres for the 2008 domestic market fell dramatically below the previous year’s level, due to global recession, according to the company report.
The sharp reduction of domestic car production for the fourth quarter of 2008 was particularly hard-felt.
In its full-year 2007 results Toyo had reported net profits of 6,137 million yen (£41.7 million).
The Japanese company’s North America branch suffered drastic decline, however there were some signs for optimism.
The European market sales volumes and net income were the same level as 2007, partly due to sales expansion activities.
Even more positively, Middle Eastern and South Asian market sales volumes and net sales “significantly exceeded” prior year levels.