Fall In Profits For Pirelli

Pirelli has announced a 32 per cent fall in operating profits for 2001 to 295 million Euro (2000: 437 m). Revenue was broadly similar at 7.5 billion Euro (7.

48 bn). The company blamed a slump in the telecoms cable sector. Pirelli’s shares have been up and down, falling 18 per cent in the past month.

Rumours of bad results led to a 4 per cent fall last week, but when the results were published, there was a partial recovery of 1.6 per cent..