MILAN—Despite a range of challenges, Manuli Rubber Industries (MRI) posted a 35.6-percent year-on-year rise in consolidated operating profit (EBIT), to $53.4 million, on 2021 sales 16.4 percent higher at $524.4 million.
The higher earnings were driven by an increase in sales volumes and pricing, which offset significant rises in operating costs on several fronts, according to the Italian group's March 31 financial statement.
MRI described its raw materials situation as "the worst in the last decades" with poor availability and cost increases adding nearly $15 million to costs.
"For the first time we have also lost output due to unstable energy supplies in China, where we suffered plant shutdowns due to lack of power in Suzhou," MRI also pointed out.