MADRID, May 9th. (EUROPA PRESS) –
Pirelli, the Italian tire manufacturer, reduced net profit by 12.69% to 100.4 million euros compared to 115 million last year, due to the impact of hyperinflation, i.e. as the company reported in a statement this Thursday.
However, the company also admitted that the measures it had to take to mitigate the impact of the Red Sea crisis dealt them a blow to strengthen the “resilience” of their value chain.
Sales increased to almost 1.7 billion euros, slightly less than in the first half of 2023, with an organic sales growth of 4.6%, despite an impact of almost five percentage points due to the currency effect and the hyperinflation processes in Argentina and Turkey.
Taking into account the company’s profitability, adjusted Ebitda in the first three months of the financial year was almost 380 million euros, representing a recovery of 4.6% year-on-year.
Adjusted EBIT was 262.6 million euros in the first quarter compared to 248.1 million euros in the same period of 2023, up 5.84%. The adjusted EBIT margin improved to 15.5%.
In this Thursday’s session on the Milan Stock Exchange, Pirelli rose by 0.86% to 6.07 euros per share. Since the beginning of the year, the revaluation of the security on the markets has been almost 23%.
