Bridgestone's H1 group net profit surges 55.5% y/y on weak yen, lower raw material prices

Reaffirm unit volume target and issue the following earnings guidance for the full year: revenue of JPY3.59 trillion, resulting in operating profit of JPY400 billion and net profit of JPY246 billion.

Bridgestone has reported that its net profit for the first half of the current fiscal year (FY), ending 30 June 2013, rose 55.5% year-on-year (y/y) to JPY117.04 billion (USD1.21 billion), compared with JPY75.27 billion in the same period last year. Bridgestone said that the jump in profits came as the weakening yen and lower raw material prices more than offset weakness in Europe and lower-than-forecast unit sales volumes. Revenue surged to JPY1.71 trillion from JPY1.49 trillion despite the lower sales volumes. Operating profit rose to JPY190.4 billion. Bridgestone reaffirmed its unit volume target and issued the following earnings guidance for the full year: revenue of JPY3.59 trillion, resulting in operating profit of JPY400 billion and net profit of JPY246 billion.