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August 04, 2003 02:00 AM

Pirelli reports improved first-half results

Tire Business Staff
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    MILAN, Italy (Aug. 4, 2003) — Pirelli S.p.A. reported an improved first half financial performance on “increasingly good” tire division results, despite turmoil in the cable sector.

    Tire division operating earnings rose 14.4 percent, to $141 million, shoring up the S.p.A. operating earnings, which edged up 3.2 percent, to $309 million, despite a loss in the telecommunications cable sector.

    Tire sector sales inched up slightly to $1.68 billion, although Pirelli said the increase would have been closer to 14 percent when the exchange rate fluctuation is factored out. Tire tonnage sales were up 8 percent, the company said.

    The increased business volume and efficiency measures in the tire sector had a positive impact on the earnings figure and offset an increase in unit costs and the negative exchange rates effect of nearly $22 million.

    Management expects the tire and energy cable sectors to continue improving throughout the second half and the telecom cable business to reach break-even by the fourth quarter.

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