84% Drop In Pirelli Profits

Pirelli reported a first quarter fall in profits to 148m Euro, an 84% drop on the first quarter of 2000. The company stated that the slump was artificially large as Q1 2000 figures included proceeds from the sale of two cable companies to Cisco Systems. Profits before tax, however, are up, sales are up, and operating profit rose by 5.

6% to 57 m Euro. Pirelli expects full year net profit to be at least in line with that of 2000..