Pirelli's net profit more than doubled in the first half of 2011: from 77 million in the same period last year, it reached 158,8 million. Revenues also did well, reaching 2.789,3 million (+17%), while profitability rose from 8,1 to 10,4%. Investments amounted to 234 million, well above the 135,4 million in the period January-June 2010.
The interim report published today by the group also shows a net financial position of 778,9 million euros, but the company specifies in a note that the figure is subsequent to the payment of dividends for 82,8 million.
Even better results for the Pirelli Tire division, which recorded an increase in revenues of 18,7%, to 2.760,9 million, and an operating result that even marked +43,8%. As for profitability, also in this case the figure improved (from 9,3 to 11,3%).
On the basis of these positive numbers, the company has decided to revise upwards the profitability targets for 2011. The forecasts for the Ebit margin of the Pirelli & C. group go from 9,5 to 10%, from 10 to 11%. instead for Pirelli Tire.
