Enschede, Netherlands - Amtel-Vredestein NV says it expects full year revenues to reach $800 million in 2006, which would position it about 15th in terms of the world's largest tyre makers and fourth in Europe, up from 22nd position based on 2004 financials.
The forecast was made with the release of unaudited results for the six months to 30 June 2006. The results showed a net loss at the company, despite strong underlying figures. For the first six months, Amtel-Vredestein reported a net loss of $15 million, compared with a profit of $1 million in tthe first half of 2005.
For the first six months, said the company, net sales increased 22 percent to $350 million from $286 in the first half of 2005. Net revenue from passenger car tyres grew 52 percent year-on-year, to $205 million from $135 million and now represents 59 percent of total sales
However, most spectacular was an increase in gross profit margin to 22.9 percent from 19.6 percent, despite sharp increases in raw materials costs
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Statement from Amtel-Vredestein