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Business News/ Companies / Company-results/  Bridgestone reports soaring annual profit
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Bridgestone reports soaring annual profit

Bridgestone says it earned 171.61 bn yen in the year to December as sales rose 1% to 3.04 trillion yen

Bridgestone also posted an upbeat forecast for the current year, saying it expects a 37% jump in net profit to 235 billion yen from 2012 on sales of 3.55 trillion yen, up 17%, thanks to the weakening yen. Photo: AFP (AFP)Premium
Bridgestone also posted an upbeat forecast for the current year, saying it expects a 37% jump in net profit to 235 billion yen from 2012 on sales of 3.55 trillion yen, up 17%, thanks to the weakening yen. Photo: AFP
(AFP)

Tokyo: Tyre maker Bridgestone said on Monday its net profit last year soared 67% to $1.83 billion as it cemented a recovery from a year earlier when the quake-tsunami hammered Japan’s manufacturers.

Bridgestone said it earned 171.61 billion yen in the year to December as sales rose 1% to 3.04 trillion yen, with the bottom line partly boosted by higher tyre prices.

Unlike many Japanese firms, Bridgestone reports its financial results on a calendar-year basis.

The company “focused on increasing the sales of highly competitive products... improving manufacturing productivity, enhancing technology and effectively utilising our management resources", it said in a statement.

Bridgestone also posted an upbeat forecast for the current year, saying it expects a 37% jump in net profit to 235 billion yen from 2012 on sales of 3.55 trillion yen, up 17%, thanks to the weakening yen.

The currency has been in a steep decline in recent months, helping make Japan’s exporters more competitive overseas and inflating the relative value of income earned overseas.

Bridgestone credited new products including higher-end offerings and rebounding auto production in disaster-struck Japan for its rosy annual results, while strong sales in Asia helped offset declines in Europe.

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Published: 18 Feb 2013, 02:19 PM IST
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