By Patrick Raleigh, ERJ On-line news editor
Paris-Groupe Michelin has posted a 6.7-percent drop in operating income to Euro1143 million, on 2003 sales of Euro15 370 million, 1.8 percent lower than the previous year.
Michelin blamed the lower earnings mainly on a 21-percent surge in raw material costs, which added around Euro320 million to costs. Healthcare, transportation, and currency factors added another Euro200 million to extra costs, said a 24 Feb group statement.
The performance equated to an operating margin of 7.4 percent, or 7.7 percent excluding…