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| Bridgestone shares surges as tyre-maker's profits rise | Bridgestone shares surges as tyre-maker's profits rise |
| (about 9 hours later) | |
| Shares of Bridgestone, the world's biggest tyre-maker, have surged after it reported a 67% jump in net profit. | Shares of Bridgestone, the world's biggest tyre-maker, have surged after it reported a 67% jump in net profit. |
| Its shares rose more than 10% to 2,820 yen on the Tokyo Stock Exchange. | |
| On Monday, Bridgestone reported a net profit of 171.6bn yen ($1.8bn; £1.2bn) in the year to 31 December 2012, compared with 103bn yen a year earlier. | On Monday, Bridgestone reported a net profit of 171.6bn yen ($1.8bn; £1.2bn) in the year to 31 December 2012, compared with 103bn yen a year earlier. |
| Its profits have been helped in part by the production boost at Japan's leading carmakers as they continue to recover from the 2011 natural disasters. | Its profits have been helped in part by the production boost at Japan's leading carmakers as they continue to recover from the 2011 natural disasters. |
| At the same time a recovery in demand from the US car market has also helped boost sales of Japanese carmakers, driving up demand for car parts. | At the same time a recovery in demand from the US car market has also helped boost sales of Japanese carmakers, driving up demand for car parts. |
| Sales of Toyota, Japan's biggest carmaker, jumped 22% in 2012 to 9.29 million vehicles. | Sales of Toyota, Japan's biggest carmaker, jumped 22% in 2012 to 9.29 million vehicles. |
| Meanwhile, Nissan Motor said it sold a record 4.94 million vehicles globally in 2012, up almost 6% from the previous year. Honda Motor also saw a jump of 19% from a year earlier, selling 3.82 million vehicles. | Meanwhile, Nissan Motor said it sold a record 4.94 million vehicles globally in 2012, up almost 6% from the previous year. Honda Motor also saw a jump of 19% from a year earlier, selling 3.82 million vehicles. |
| Global carmakers such as Volkswagen and BMW have also reported record annual sales for 2012. | Global carmakers such as Volkswagen and BMW have also reported record annual sales for 2012. |
| At the same time, a sharp decline in the Japanese currency has also helped lift profits. The Japanese currency has dipped nearly 15% against the US dollar since November. | At the same time, a sharp decline in the Japanese currency has also helped lift profits. The Japanese currency has dipped nearly 15% against the US dollar since November. |
| A weak currency boosts profits of exporters when they repatriate their foreign earnings back home. | A weak currency boosts profits of exporters when they repatriate their foreign earnings back home. |
| Bridgestone said its profits were also lifted by "improving manufacturing productivity, enhancing technology and effectively utilising our management resources". | Bridgestone said its profits were also lifted by "improving manufacturing productivity, enhancing technology and effectively utilising our management resources". |
| The firm also forecast a 37% jump in net profit for the current year, further boosting investor morale. | The firm also forecast a 37% jump in net profit for the current year, further boosting investor morale. |