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Michelin 2005 Profit Up 36%

(Akron/Tire Review) Groupe Michelin said its 2005 net profits increased 36%, despite lower sales volume and higher raw material costs.

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Michelin’s profits hit $1 billion against sales of $18.53 billion for the year.

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The net profit result compared to 2004’s $777.5 million. Profit before nonrecurring items jumped 5% to $1.63 billion. Sales were up 3.6% vs. 2004.

Edouard Michelin, the company’s managing general partner, said in a statement that the company plans to step up its cost-cutting efforts while strengthening its focused growth strategy.

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