Michelin's revenue increased by 8.5% year-on-year in the first half of the year and net profit rose by 13%

Michelin Tire announced the financial report for the first half of 2015 recently. Driven by the growth of business in Europe and North America, the company's overall operating income, operating profit, and net profit all increased in the first half of the year.

Michelin's revenue increased by 8.5% year-on-year in the first half of the year and net profit rose by 13%
Michelin's revenue increased by 8.5% year-on-year in the first half of the year and net profit rose by 13%

In the first half of this year, Michelin tire operating income rose 8.5% year-on-year to 10.497 billion euros, compared with 9.673 billion euros in the same period last year; operating profit reached 1.262 billion euros, an increase of 8.8% from 1.159 billion euros in the same period last year; net profit from the same period last year 6.24 Billion euros increased to 707 million euros, a year-on-year increase of 13.3%.

In the first half of Michelin's tire business units, sales of cars and light trucks and related distribution business were 5.86 billion euros, up 13.4% from 5.167 billion euros in the same period of last year; sales of trucks and related distribution business were 2.927 billion from the same period of last year. The euro rose to 3.068 billion euros, an increase of 4.8% year-on-year; sales of special tires were 1.569 billion euros, a slight drop of 0.6% from the 1.579 billion euros in the same period last year.

Michelin reiterated its expectation for full-year results this year, and predicted that its operating profit will continue to grow this year, but the company also said: "Rising raw material costs may have a negative impact on our business, so we have to be cautious."

In 2013, Michelin began to implement a restructuring plan to cut costs. The measures taken include the closure of some factories in France, Hungary and Algeria. The plan will continue until the end of next year. The company had previously estimated that its cash flow this year will increase by 11% year-on-year to 700 million euros.

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