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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Bridgestone nine-month profit slumps 40 percent AP - 1 hour 1 minute ago TOKYO - Bridgestone Corp., the world's largest tire and rubber products maker, said Tuesday its net profit fell 40 percent in the January-September period, dragged by the high cost of raw materials and slowing demand at home and abroad. Net profit slumped to 49.47 billion yen ($499.6 million) compared with 82.34 billion yen during the same period last year. The Tokyo-based company blamed its results on a lethargic U.S. housing market, falling consumer spending and overall weakness of the U.S. economy. Revenue increased 1.3 percent to 2.5 trillion yen ($25.2 billion) due to the still-robust Chinese market, but operating profit declined 26.8 percent to 119.2 billion yen ($1.20 billion) on soaring fuel expenditures, the company said. Sales in Japan increased 1 percent, while those in the United Sates retreated 2 percent. For 2008, Bridgestone maintained earnings estimates that were downgraded in August. It continues to expect net profit of 66 billion yen ($666.5 million) on sales of 3.52 trillion yen ($35.5 billion). Bridgestone shares Tuesday rose 6.6 percent to 1,802 yen on the Tokyo Stock Exchange. The company announced its earnings after trading closed. Bridgestone's earnings are based on Japanese accounting standards. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business India to allocate 3G spectrum by end-Jan - govtReuters - 35 minutes ago Fujitsu to buy Siemens stake in PC joint ventureReuters - 36 minutes ago RPT-TOPWRAP 2-Australia cuts rates; world recession gloom buildsReuters - 38 minutes ago Indian rupee pares losses as foreign banks sell dlrsReuters - 39 minutes ago Asian stock markets mixed ahead of US electionAP - 40 minutes ago Most Popular – Business Viewed Foods to prevent disease? Obama in command on eve of US vote Hamilton pips Massa to Formula One title in tense Brazil finale Formula One driver Hamilton wins 2008 F1 championship Australia anxious as Indonesia prepares to execute Bali bombers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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