Even though its sales only increased 5.95% during the first half of the current financial year, Groupe Michelin has managed to boost its net income a healthy 37.2% during the period.

The tiremaker’s net sales in the six months to June 30 amounted to 10.71 billion euros, up from 10.11 billion a year earlier. From this total, 5.5 billion euros was generated from the sale and distribution of passenger car and light commercial vehicle tires, 3.27 billion from truck tires, and 1.9 billion from specialty businesses.

After all of that, Michelin posted net income of more than $1.1 billion and 1H sales of $13.4 billion.

The company said that full-year sales volumes are expected to be down by 3%-5%, and it expects a “clear increase” in operating income before non-recurring items. The negative effect of lower sales volumes should be mainly offset by more favorable raw material costs and a positive currency effect. (Tyres & Accessories)