Bridgestone returns to profit on economic recovery

TOKYO (AP) - Bridgestone Corp. said Friday its earnings are continuing to recover this year as demand for its tires improves, especially at home in Japan.

The Japanese tire maker, one of the world's largest along with Michelin SCA of France, posted 66.8 billion yen ($826.7 million) profit over the first nine months of this year, on sales of 2.09 trillion yen ($25.9 billion).

That was a turnaround from the same period last year when the company booked a 27.5 billion yen ($340.3 million) loss and sales were 12 percent lower.

Bridgestone said it saw signs of a moderate economic recovery in many regions around the world, but that high raw materials costs and the strong yen continued to weigh down profits. The company has climbed out of red at home in Japan, where sales shot up 18 percent, and in the European market.

The company did not release quarterly results, but in August said it had posted a 44.5 billion yen ($550.7 million) profit for the first six months of the year.

Bridgestone kept its full year profit target at 91 billion yen ($1.1 billion).

The turnaround coincides with that of major carmakers such as Toyota, which said Friday that second quarter profit more than quadrupled on a sales recovery.

Bridgestone shares rose 1.6 percent to 1,507 yen in Thursday trade, before its earnings were released.