Pirelli announces first quarter gains
Pirelli & Cie SpA's net profit for the first quarter of 2005 totaled 83 million euros, 43 million euros more than the first quarter of 2004.
Pirelli's 1Q 2005 sales totaled 1.87 billion euros versus 1.7 billion euros during 1Q 2004.
Its operating income reached 118 million euros, a 35% jump from first quarter 2004 numbers.
Pirelli's 1Q 2005 tire sales totaled 862 million euros, a 4.6% increase. Company officials attribute the gain "almost entirely due to price/mix, in confirmation of the continuous focus on high performance market segments.
Net profit was 53 million euros (after financial charges of 8 million and tax charges of 27 million), compared with 38 million euros during the same period last year.
Pirelli expects its tire business to improve throughout the rest of the year due to "the continuous focalization on performance products" and growth in the North and South American markets.