Prometeon Tyre earns higher margins despite pandemic rubbernews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rubbernews.com Daily Mail and Mail on Sunday newspapers.
Prometeon s 2020 earnings off slightly on 15% lower sales
Prometeon s 2020 earnings off slightly on 15% lower sales
Print
MILAN, Italy Prometeon Tyre Group S.r.l (PTG), the former Pirelli commercial tire business, reported a slight drop in pre-tax operating income in fiscal 2020 on 15.2% lower sales.
Operating income (EBITDA) fell to $140.8 million on sales of $1.04 billion. As a result, the operating margin rose nearly a point and a half to 13.6%, the company said.
Net earnings fell 65.4% to $3.07 million.
Prometeon attributed much of the sales decline to an exchange rate effect in Latin America.
Prometeon Tyre CEO Giorgio Bruno noted the 2020 performance marks the completion of a turnaround process launched three years ago. During that time, the firm implemented several strategic initiatives that have made Prometeon healthier, stronger and more resilient in an unprecedented scenario.