Pirelli: posts nine-month profit up on premium segment

(CercleFinance.com) - Pirelli posted a 7.
5% rise in nine-month profit on revenues that are up 4.4% in organic terms, as the Italian tyremaker benefited from a jump in premium volumes.

The group's adjusted Ebit before start-up costs rose to 732.1 million euros, from 681.2 million euros at 30 September 2017, with a margin that rose to 18.7% from 16.9% in the same period last year.

Net profit for continuing operations jumped by 90.1% to 378.1 million euros, with organic rising by 4.4% to 3.92 billion euros, helped by the strength of the company's "high value" business.

It forecasts FY revenue of about at 5.2 billion euros, impacted by the decline in South America, with an adjusted Ebit before start-up costs of above 1 billion euros.

At 11:30 its shares were down 0.4% at 6.1 euros.

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