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Pirelli posts sales, income gains during first half

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Pirelli posts sales, income gains during first half

Pirelli & C. SpA posted sales of 2.4 billion euros ($3.13 billion) on net income of 80.8 million euros ($105.6 million) during the first half of 2010. Sales grew nearly 20% from first half 2010 levels, while income more than doubled from the same period last year.

Sales for Pirelli Tyre rose 21.4% from first half 2009 levels to 2.3 billion euros ($3 billion). Income grew by 59% to 217.3 million euros ($284 million).

"The half showed a signficiant improvement in operating results compared to the corresponding period of the previous year," say Pirelli officials, "thanks, in particular, to growth in sales volumes of Pirelli Tyre." Continued growth in volumes and price/mix improvements more than off-set rising raw material costs, they add.

Pirelli expects tire sales to increase during the second half of the year. "If the markets maintain their positive trend, it is possible to forecast organic growth of sales revenue up to 15%."

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