Announcement of Revised Performance Forecast
OSAKA, JAPAN – October 28, 2009 – TOYO TIRE & RUBBER CO., LTD. has made the following revisions to its consolidated performance forecasts for the first half period (April 1, 2009 to September 30, 2009) of the fiscal year ending March 31, 2010, which were released on May 11, 2009.
1. Revisions to the consolidated performance forecast for the first half period (April 1, 2009 to September 30, 2009) of the fiscal year ending March 31, 2010
(Unit: Millions of yen)
| Net sales | Operating income (loss) |
Ordinary income (loss) |
Net income (loss) |
Net income per share (yen) |
|
| Previously announced forecast (A) (Released on May 11, 2009) |
140,000 | (2,800) | (4,100) | (4,200) | (18.34) |
| Revised forecast (B) | 129,600 | (1,300) | (1,300) | (2,000) | (8.58) |
| Difference (B-A) | (10,400) | 1,500 | 2,800 | 2,200 | - |
| Percentage change | (7.4%) | - | - | - | - |
| (Ref.) Results from the first half ended March 31, 2009 |
172,820 | 1,177 | 274 | (2,214) | (10.59) |
2. Reasons for the revisions
The result of urgent countermeasure for profitability improvement and depreciation of the yen, better than expected, have helped operation income exceed the May 11, 2009 forecast by 1.5 billion yen.
In addition, ordinary income and net income are expected to exceed its previously announced forecast by 2.8 billion yen and 2.2 billion yen, respectively, due to an increase of operating income and an equity method investment gain which exceeded expectations.
Also, the Company is formulating its full-year performance forecast and will announce it at the time of release of first half financial results for fiscal 2009.
Note: The above earnings estimates are forward-looking statements, which are based on our current assumptions in light of the information currently available to us and involve potential risks, uncertainties and other factors. Such risk, uncertainties and other factors may cause our actual results to be materially different from these estimates.