In the red: Venezuela, restructuring hurts Pirelli’s 2015 results
Although Pirelli’s revenues grew 4.8 per cent in 2015 and were above the year’s target of €6.25 billion, problems in Venezuela and other issues took their toll on the company’s bottom line. The tyre maker’s revenue for the 2015 financial year amounted to €6.31 billion. Price increases, higher replacement market sales and product mix more than compensated for the 1.6 per cent decline in volumes, a reduction that mainly came from emerging markets and the company’s industrial business.