Italian tyre manufacturer Pirelli has posted a significant rise in sales for the first nine months of the year.
The firm has announced that revenue between January and September 2011 reached 4.26 billion euros (£3.63 billion), a rise of 17.9 per cent compared to the 3.61 billion euros it posted in the same period in 2010.
Total consolidated net profit for the first nine months surged 56.8 per cent to 251.3 million euros from 160.3 million euros for the same period last year.
Following the publication of the positive report, Pirelli revealed that it was looking to nearly double its profit margin by 2015 to more than 16 per cent.
Pirelli's chairman and chief executive Marco Tronchetti Provera told investors in a presentation: "The focus on high-end [tyres] in Europe has to be kept because Europe is the richest area for premium growth," quotes Reuters.
"Our focus is on working with European high-end car producers and on innovation and research and development. We are cutting all investments that are not related to quality or premium."
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Posted by Danielle Barge