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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Japan's Bridgestone net profit up, eyes 2011 fall AFP - Saturday, February 19 Send IM Story Print Japan's Bridgestone net profit up, eyes 2011 fall Slideshow: Full Photo Coverage: Business & Economy TOKYO (AFP) - – Japanese tyremaker Bridgestone said its profits soared in 2010 but expected them to shrink this year due to higher commodity prices and the impact of the strong yen. Bridgestone, which vies with France's Michelin to be the world's top tyremaker, saw a net profit of 98.9 billion yen ($1.18 billion), a huge rise from a 1.04 billion yen profit in 2009, although the huge jump was partially due to the low base effect. The worldwide recovery in auto sales, driven by emerging market demand from the likes of China, India and Brazil has bolstered demand for tires. But it said it expected profits to decline 17 percent in 2011 to 82 billion yen on the negative impact of exchange rate volatility. It also forecast a 16 percent fall in operating profit to 140 billion yen despite a roughly 11 percent increase in sales. Sales rose 10 percent in 2010 to 2.86 trillion yen from 2.59 trillion. The strong yen has made life difficult for Japan's exporters, making their goods more expensive against foreign rivals with relatively cheaper domestic currencies while eroding overseas profits repatriated back home. Bridgestone has already decided to raise prices for tyre products in Japan from June 1, due to higher prices for natural rubber and other raw materials. The hike covers such products as passenger and motorcycle tyres with prices rising between eight and 15 percent. The company has already decided to raise prices for trucks and buses from March 1 by an average of seven percent. The outlook is based on an assumption the dollar will average 84 yen and the euro 110 yen over the year. -- Dow Jones Newswires contributed to this story -- Recommend Send IM Story Print Related Articles Developed market equities shine again-EPFR Reuters - 43 minutes ago Rosetta Stone sees Q4 below Street; shares fall Reuters - 43 minutes ago US-BUSINESS Summary Reuters - 44 minutes ago Flash crash panel calls for market overhaul Reuters - 44 minutes ago Czech CEZ puts off Temelin expansion deadline to 2025 Reuters - 46 minutes ago News Search Top Stories Wozniacki topples Clijsters to reclaim No. 1 spot Angry protests continue throughout the Middle East G20 finance chiefs meet on global imbalances Miner Anglo American 2010 profit nearly triples Thought-controlled bionic arm unveiled in US More Top Stories » ADVERTISEMENT Most Popular Most Viewed Only 'best will do' for Arsenal in Barca clash More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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