Pirelli posts revenue, income gains for first quarter

Pirelli & Cie SpA's revenues for the first quarter of the year totaled 1.3 billion euros, up 10.8% from the first quarter of 2006. Pirelli's operating income for the quarter rose 8.1% to 129.5 million euros.

Pirelli's tire business achieved 1 billion euros in revenue, a 6% increase over 1Q 2006. The tire unit's operating income also rose, making a 4.5% jump to 103.7 million euros.

However, the Italian company's overall net income for 1Q 2007 was 56.3 million euros, down 35.5 million euros compared to first quarter 2006 levels.