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Shares in Bridgestone surge as profits rise

Published: Monday 25th of February 2013 | Author: Scott | Category: Tyres

Following a report by the world's largest tyre maker, Bridgestone have reported increased in net profit of 67%, shares in the company have surged by 10% to 2,820 yen on the Tokyo Stock Exchange.

Bridgestone recently reported a net profit of 171.6bn yen (£1.2bn) in the year to 31 December 2012, compared with 103bn yen in 2011. Its profits have been helped in part by the production boost at Japan's leading car makers as they continue to recover from the 2011 natural disasters.

In addition, the company has seen an increase in demand from the US market which has boosted sales of Japanese cars which in turn had helped increase demand for car parts.

In fact the sale of Japanese cars across the globe have also helped with sales of Toyota, Japan's biggest car maker, increasing by 22% in 2012 to 9.29 million vehicles. At the same time, Nissan have also seen a marked increase in sales with a record 4.94 million vehicles being sold in 2012, equating to a 6% increase from 2011. In addition, Honda have also seen an increase in sales in 2012 with 3.82 million, up 19% from 2011.

A spokesman for Bridgestone said: "Our profits were also lifted by improving manufacturing productivity, enhancing technology and effectively utilising our management resources".

The company have also forecasted a 37% jump in net profit for the current year, further boosting investor morale.

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