Pirelli sees premium sector boosting 2013 sales
MILAN, March 11 |
MILAN, March 11 (Reuters) - Pirelli, the world's fifth-largest tyremaker, delivered 2012 results in line with its own previously-reduced targets and said it saw growth in the premium segment boosting revenue this year.
For 2012, Pirelli said its net profit fell to 398.2 million euros ($518.24 million) from a previous 440.7 million euros, which included a one-time gain from tax law changes.
Revenue rose to 6.07 billion euros in 2012 from 5.65 billion euros the year before.
The Italian company, whose tyres equip motorcycles, cars, and Formula 1 racers, said sales would grow in 2013 by between 4-5 percent to 6.3-6.4 billion euros as higher-margin tyre sales for premium cars grow between 13-14 percent.
It said its net debt at the end of last year was 1.2 billion euros, in line with its target, and that net debt for 2013 is seen at under 1.2 billion euros before the impact of accounting at real estate unit Prelios. ($1 = 0.7684 euros) (Reporting by Jennifer Clark, editing by Stephen Jewkes)
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