Michelin Sales, Profits Down in 1st Half 2008
In its first half 2008 results, Michelin has reported sales and net income slightly down on the same period last year. Net sales of 8.239 billion euros in the six months to June 30 represent a decrease of 1.9 per cent, however Michelin calculates that, at constant scope and exchange rates, this figure actually indicates a 4.2 per cent rise over last year. The company’s operating income of 708 million euros in the half-year was 11.3 per cent less than that in the corresponding period last year, and the operating margin of 8.6 per cent was down 0.9 pt. Net income, at 430 million euros, is 1.4 per cent lower than in 2007.