Home
News
In Focus
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
Restaurants get off to a quick start thanks to game-changing policies
High service charges on event ticket refunds call for further regulation
Sunday
- Subscribe
Tire maker loses US$172m in first half
Source: Agencies |
August 1, 2009, Saturday
|
Print Edition
Print Edition
FRENCH tire maker Michelin yesterday posted a net loss of 122 million euros (US$172 million) in the first half as car and truck makers slashed production and as the company incurred costs for restructuring.
The quarterly loss compared to net profit of 430 million euros a year earlier. Revenues fell 13.4 percent to 7.13 billion euros.
Chief Executive Officer Michel Rollier said Michelin has introduced shorter working hours in several countries to deal with the downturn in sales. He said inventories have returned to "more normal levels" but "not to the extent that we can talk about a real upturn."
Like auto makers Renault SA and PSA Peugeot Citroen, Michelin, which is based in Clermont-Ferrand, aims to generate positive free cash flow at the year end to help it ride out the crisis.
In the first half Michelin generated 575 million euros in free cash flow, compared with a negative 445 million euros a year earlier, after a 580 million euro reduction in inventory.
Michelin said markets for car and light truck tires showed signs of stabilizing in the second quarter.
The quarterly loss compared to net profit of 430 million euros a year earlier. Revenues fell 13.4 percent to 7.13 billion euros.
Chief Executive Officer Michel Rollier said Michelin has introduced shorter working hours in several countries to deal with the downturn in sales. He said inventories have returned to "more normal levels" but "not to the extent that we can talk about a real upturn."
Like auto makers Renault SA and PSA Peugeot Citroen, Michelin, which is based in Clermont-Ferrand, aims to generate positive free cash flow at the year end to help it ride out the crisis.
In the first half Michelin generated 575 million euros in free cash flow, compared with a negative 445 million euros a year earlier, after a 580 million euro reduction in inventory.
Michelin said markets for car and light truck tires showed signs of stabilizing in the second quarter.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
