Shares of Bridgestone Corp. gained around 2 percent in Tokyo trading after the Japanese tire and rubber company reported Tuesday significant profit in its fiscal 2021, compared to last year's loss, driven by strong demand.
Looking ahead for fiscal 2022, the company projects weak net profit, but higher adjusted operating income and revenues.
For the new year, the company projects attributable net income of 280 billion yen or 397.58 yen per share, down 28.9 percent from last year. For the year, profit from continuing operations are expected to be 290 billion yen or 411.78 yen per share.
However, adjusted operating profit is expected to grow 7.8 percent year-over-year to 425 billion yen, and revenues to grow 12.4 percent from last year to 3.65 trillion yen.
For fiscal 2021, profit attributable to owners of parent was 394.04 billion yen, compared to prior year's loss of 23.30 billion yen. Earnings per share were 558.71 yen, compared to loss of 33.09 yen last year.
Profit from continued operations was 307.87 billion yen, compared to loss of 19.79 billion yen a year ago.
Operating profit surged 503 percent from last year to 376.80 billion yen. Adjusted operating profit was 394.34 billion yen, up 90.1 percent.
Revenue grew 20.4 percent to 3.25 trillion yen from 2.70 trillion yen a year ago.
In Japan, Bridgestone shares traded Tuesday at 4,901 yen, up 2.34 percent.
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