MILAN, Italy (March 28, 2008) — Pirelli said its tire unit reported sales of $6.3 billion for the 12 months ended Dec. 31, and the firm predicts slightly improved results for 2008 despite market difficulties.
The 2007 sales increase was 6.5 percent over the previous year, excluding exchange rate effects. Profits grew by 2.8 percent to $865 million, which represents a margin of 13.2 percent of sales.
Net income as of Dec. 31 amounted to $332 million, up 5.6 percent over 2006.
Beyond the tire unit, the company predicted flat results overall for 2008. Pirelli said it won't make public its three-year business plan because of market volatility, but expects to do so by then end of October.