MILAN, Italy (March 22)—Lower selling prices and higher raw material costs at Pirelli S.p.A.´s tire business during 2000 offset gains from better volumes and cost reduction measures. Operating profits from tires fell slightly to $167 million, despite a 12.5-percent rise in sales to $2.65 billion, according to Pirelli´s 2000 results statement. The growth in tire sales, which included a 5.7-percent contribution from favorable exchange rates, was offset by a 2.6-percent fall in selling prices and rising raw materials costs, it added. For the company as a whole, Pirelli reported net profits, including income from divestments, of $334 million, up 18.9 percent from 1999. Sales of $7.14 billion were 15.4 percent higher than in 1999.
Pirelli operating profits down in 2000
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