Bridgestone’s Net Profits Rise 12 Percent in 1994
TOKYO (AP) _ Bridgestone Corp., Japan’s leading maker of tires and rubber products, said Monday its cost-cutting efforts helped its 1994′s profits improve by 12 percent despite slightly lower sales.
The company earned 31.86 billion yen, or about $328 million, last year. Per share, earnings rose to 40.87 yen from 36.77 yen in 1993.
Sales slipped 0.3 percent to 1.595 trillion yen, or about $16.4 billion, from 1.599 trillion yen, or about $16.5 billion.
The company’s U.S. unit, Bridgestone-Firestone Inc., earned about $29 million in 1994, up from $6 million in 1993, despite a prolonged labor dispute at the company. Sales climbed 11 percent to $5.67 billion.
Vice President Isao Imaizumi said the financial impact of the labor dispute was muted by the hirings of non-union replacement workers and the return of about 1,000 of the 4,200 United Rubber Workers members who walked out.