From Staff & Wire Reports

Bridgestone Corp. has adjusted its full-year 2006 forecast downward, citing massive raw material cost increases.

The tiremaker said its annual profit may decline as much as 64 percent from 2005 results.

Analysts in Tokyo said that natural rubber prices have jumped 50 percent and crude oil prices have increased some 18 percent this year alone.

As a result, Bridgestone trimmed its 2006 earnings forecast by 35 percent.

Bridgestone also said it plans to take a one-time $170 million charge to cover the cost of closing Bridgestone/Firestone North American Tire’s Oklahoma City plant.

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