November 6, 2017 / 10:04 AM / a month ago

Pirelli says nine-month adjusted operating profit up nearly 10 percent

MILAN (Reuters) - Italy’s Pirelli (PIRC.MI) on Monday reported a 9.7 percent rise in nine-month adjusted operating profit before charges and start-up costs, helped by strong demand for high-margin premium tyres.

A Pirelli's logo is pictured at its headquaters in Milan, March 26, 2015. REUTERS/Giorgio Perottino

Revenue in the period was up 9 percent to 4.04 billion euros ($4.7 billion), with the high value segment accounting for 58 percent of total sales.

    The maker of tyres for Formula One racing teams and premium automakers said adjusted operating profit before non-recurring and restructuring charges and start-up costs is expected to be around 930 million euros in the whole of 2017, up from 844 million euros a year earlier.

    The group re-listed on the Milan bourse last month, two years after it was taken over by China National Chemical Corp (ChemChina).

    ($1 = 0.8624 euros)

    Reporting by Stephen Jewkes and Francesca Landini

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