ROVERETO, Italy (July 3)—Tire, retread and retreading systems producer Marangoni S.p.A. suffered a 76.1-percent drop in net earnings last year, to $1.5 million, while sales rose 9.7 percent to $221.6 million. The company blamed the profit erosion on the increased cost of raw materials and its inability to recoup these costs in prices for its own products. Of the firm's five business areas, sales of new tires rose 18.3 percent, to $58.7 million, sales of retreading materials were up 7 percent, to $76.1 million, and retreaded tire sales rose 12.8 percent, to $52.9 million. Sales of retreading and tire recycling equipment fell 14.3 percent, to $5.1 million.
Marangoni earnings plummet, sales increase
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