Pirelli managed to finish 2016 with good results

According to the published financial report of Pirelli, it managed to increase annual revenue by 1.6%, to 6 billion euros.

Profit before interest and taxes (EBITDA) increased by 2.4% to 1.18 billion euros, supported by "significant organic growth" and high sales of premium tires, which now account for 64% of Pirelli's sales in the segment Consumer products.

The company attributes these improvements to sales growth and increased efficiency, which could compensate for a number of negative factors - currency instability, rising commodity prices and inflation in emerging markets.

Operating results (EBIT) decreased for the year by 7%, to 724.2 million euros, which is associated with restructuring costs, which cost 66.6 million euros.

According to the Italian manufacturer, the fourth quarter showed a tendency to improve, including in the troubled markets of South America and Russia.

The volume of sales grew by 2% in 2016 as a whole, and in the fourth quarter of the year - by 5.1%, mainly in the segment of consumer-grade tires. The volume of sales of industrial tires fell by 3.8% during the year, mainly due to the weak market of South America and the decline in the Chinese market.

In the segment of premium tires Pirelli organic revenue growth reached 12.3%, and sales volumes increased by 14.2%.