Pirelli SpA reports first half revenue drop
Pirelli Tire North America Inc. parent company Pirelli SpA's revenues for the first half of 2002 totaled 3.3 million euros vs. 3.9 million euros for the same period last year.
Pirelli's first half operating income totaled 93 million euros, down 91 million euros from the first six months of 2001.
The company is blaming losses on "an unprecedented crisis" in the telecom industry, though its tire division performed well.
Pirelli's energy cables/systems unit also showed "marked improvement," according to company officials.
Pirelli predicts that its ability to "react to drastic market changes" and the execution of its cost containment program will boost its profitability during the second half of the year.