Goodyear incurs USD11m loss in Q1 

(MENAFN) Goodyear Tire & Rubber's Co. Chairman and CEO, Richard Kramer, stated that the firm incurred a USD11 million loss in the first quarter that ended March 31, compared with USD103 million net income in 2011's same period, reported AP.

Kramer added that the results were hampered by refinancing charges, which allowed the company to redeem USD650 million in senior notes at an interest rate of 10.5 percent while issuing USD700 million at 7 percent.

He also said that revenue was up 2 percent reaching USD5.5 billion, whereas operating income grew to USD80 million.

It is worth noting that Goodyear's sales in Asia-Pacific rose 4.7 percent in the period, however, they fell 1.1 percent in Europe-Middle East-Africa and dropped 10.9 percent in Latin America.