Pirelli Preliminary Results Show Mixed Picture

Pirelli has released details of its unaudited results for 2002. Group revenue was 6.3 billion Euros, 11 per cent down.

This was attributed entirely to the crisis in world telecoms market. The Energy Cables and Systems sector showed a drop in sales to 3 bn Euros (2001: 3.52 bn).

The Tyres sector continued to grow, up 9 per cent to 2.85 bn Euros. The Telecoms sector showed a fall to 460 million Euros (2001: 1.

2 bn). Group consolidated EBIT was 117 million Euros (2001: 295 m)..