Turnover Up, Net Earnings Down For Marangoni

Italian tyre and retreading group Marangoni has revealed its financial results for last year. Turnover rose by almost 10 per cent to 264.5 million Euro, but net earnings plummeted by just over 76 per cent to 1.

79 million Euro. There were mixed sales performances from the different divisions: new tyre sales were 70 m Euro (+18.3 per cent), retreading material sales 90.

8 m Euro (+7 per cent) and retreaded tyre sales were 63.1 m Euro (+12.8 per cent).

It is indicative of the state of the retreading industry that sales of equipment used for retreading and recycling were 6 m Euro; down by over 14 per cent. Marangoni cited increased raw material costs as the main reason for the fall in profits..