12 May 2004
From Rubber & Plastics News
Milan, Italy-Pirelli SpA expects its tyre business to continue to report improved results this year following double-digit increases in operating income and sales in the first quarter.
The unit reported operating income of $93.8 million in the three-month period ended 31 March, up 13.6 percent from a year ago. Sales rose 12.5 percent to $1020 million on an 11-percent increase in volume and improved pricing and product mix. The unit's net profits were up 18.8 percent to $47.5 million.
Pirelli said it expects further improvements throughout the year because of growth in demand for high-performance tyres in Europe, for truck tyres in South America and overall growth in North America.
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