ERJ staff report (TB)
Milan, Italy (Feb. 11, 2009) – Higher raw material costs and lower original equipment revenues combined to drive down Pirelli Tyre SpA’s pre-tax operating earnings 30 percent last year to Euro 250 million.
Sales overall were down 1.5 percent to euro 4100 million, Pirelli said, although they fell 5 percent during the fourth quarter. Pirelli said in a preliminary earnings report its spending on raw materials last year was up more than Euro 195 million over 2007.
To counter the negative impact of the…