Although its net sales declined 2.0 per cent in the first half of 2016, Michelin increased its profitability in the six months to 30 June. Net sales defied a 2.5 per cent rise in volumes and were lower at €10.29 billion, while operating income increased 11.3 per cent to €1.41 billion and the operating margin grew from 12.0 to 13.7 per cent. Net income was up 8.8 per cent year-on-year to €769 million.
“In the first half, Michelin delivered a strong business performance driven by the quality of its tyres and services, the effective management of the balance among growth and pricing, as well as by cost competitiveness,” stated CEO Jean-Dominique Senard.
Further details of Michelin’s financial results can be found in the Tyrepress.com company profiles and reports section.
Category: Company News