Profits at tire maker Bridgestone Corp. nearly doubled in the fiscal year that ended Dec. 31 as sales rose in Europe and payments related to a massive U.S. tire recall three years ago declined.
Tokyo-based Bridgestone reported group net profit of 88.7 billion yen Friday, up 96 percent from 45.3 billion yen the previous year. Sales rose 2 percent to 2.3 trillion yen from 2.25 trillion yen.
Bridgestone's earnings had been hammered by a tire recall in August 2000 at its Nashville, Tenn.-based subsidiary, then called Bridgestone/Firestone. Payments linked to the recall, including legal settlements, totaled 11 billion yen in fiscal 2003, down sharply from 30.7 billion yen the previous year.
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