Pirelli Tyre net profits fall 87 percent

ERJ staff report (DS)

Milan, Italy — Pirelli Tyre recorded a positive net profit in for the 12 months ended December 2008, of euro 25.6 million, down from euro 210.5 million a year earlier on slightly lower sales. The tyre unit recorded sales of Euro 4100.2 million, down by 1.5 percent on the previous year.

Pirelli said volumes were down 6 percent, but higher prices and a better product mix more than offset the lower volumes. Profitability, however, suffered due to significantly lower volumes in the final…

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