Italian tire supplier Pirelli Group (Pirelli Group) has announced that the company's first-quarter revenue and net profit in the first quarter of 2011 have increased substantially compared with the same period last year.
It is reported that the company’s first-quarter revenue increased from 1.135 billion euros in the same period last year to 1.4 billion euros, up 23.4% year-on-year. In the quarter, the revenue of the Pirelli tire business rose by 24.7% year-on-year to 1.385 billion euros from 11.1 billion euros in the same period last year. This figure represents 98.8% of the company’s total revenue.
The company said that in the first quarter, the consolidated net profit attributable to the group rose from 39.2 million euros in the same period of last year to 82.8 million euros. Pirelli's tire business in the quarter had a net profit of 88.5 million euros, up 76.6% from the same period last year of 50.1 million euros.
At the same time, the company will also increase its 2011 revenue target from the previous "5.5 billion euros (about 8.15 billion US dollars) more" to "more than 5.85 billion euros."
Pirelli said that the price increase of the company's products offset the impact of rising raw materials, exceeding the expectations of its industry plan. After consideration, the company raised its revenue target for this year.
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