Amtel-Vredestein First Half Revenues up 22 per cent
Describing itself as Europe’s fourth largest tyre producer, Amtel-Vredestein (AV) has announced first-half results showing sales of $350 million, up 22 per cent from £286 million in 2005. Gross profit improved 43 per cent from $56 to $80 million in the first half, up 22 per cent in the second quarter compared with the first three months of the year. However, Amtel-Vredestein’s first half net losses totalled $15 million against the $1 million profit at the same time last year. Most of the losses were acquired during the first quarter, with net losses decreasing to $5 million in the second quarter, write AK&M analysts. In the same period net revenue from Passenger Car Tyres grew 52 per cent from $135 million to $205 million in the first half and now represents 59 per cent of total sales.