Michelin reports 7.5% rise in profits

Tyre maker Michelin says its profits rose 7.5 per cent last year despite a struggling car market in Europe.

Michelin SA said in a statement that it was helped by growth in emerging markets and high margins on specialty tyres.

Micheiln reported 21.47 billion euros ($A28.10 billion) in sales, up 5.8 per cent from 20.72 billion euros in 2011 but slightly below forecasts of 21.62 billion euros by analysts surveyed by FactSet.

The company said 2012 profits were 1.57 billion euros, up from 1.46 billion euros the year before.

Michelin says it expects to "hold volumes steady in 2013, in a market environment that is uncertain in mature markets but still expanding in the new ones."


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