Michelin net profits fall 36% for 2006

Paris — Michelin’s net income declined 36 percent in 2006 from a year earlier because of high raw material and restructuring costs, although sales rose 5.1-percent.

The company’s net earnings fell to $719 million on sales of $20 600 million, based on the 2006 average annual exchange rate.

Michelin said price increases kept its operating income at a high level, 8.2 percent before non-recurring charges. For the year, the company’s operating profits before non-recurring items fell by 2.2 percent to $1680 million.

The French tyre maker expressed optimism…

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