Michelin net falls by half in 2008: volumes down by 16% in Q4

ERJ staff report (DS)

Paris — Michelin hs announced a small decline in sales and profits down by about half for the 12 months to December 2008. The company said net sales fell by 2.7 percent to euro 16 408 million, while operating profit fell by 44 percent to euro 920 million. Net income stood at euro 357 million, down by 53 percent on the previous year.

The company said sales volume fell by 16 percent in the fourth quarter due to the steep fall-off in…

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