ROME (dpa-AFX) - Italian tire maker Pirelli (PPAMY.PK, PPAMF.PK) reported that its net profit in the first quarter of 2022 was 109.8 million euros, an increase of 160.2% from 42.2 million euros in the first quarter of 2021.
Ebit amounted to 192.6 million euros, almost twice the 97.4 million euros recorded in the first quarter of 2021. It includes amortizations of intangible assets identified in the context of PPA of 28.4 million euros and non-recurring charges, for restructuring and other, of 7.5 million euros mainly related to the continuation of actions to rationalize structures.
Adjusted Ebitda in the first quarter of 2022 was 333.1 million euros, with a growth of 25% compared with 266.5 million euro in the same period of 2021.
Quarterly revenues were 1.52 billion euros, an increase of 22.2% from the prior year. Organic revenues growth was 19% or 3.2% effect stemming from forex.
Pirelli said its board co-opted Yang Shihao to replace Yang Xingqiang, who resigned on 28 April with effect from today. The Board also proceeded to nominate Yang Shihao- qualified by the Board as a non-executive director - as a member of the Strategies Committee.
For 2022, Pirelli now expects revenues to be between 5.9 billion euros and 6.0 billion euros compared to the previous estimate of 5.6 billion euros and 5.7 billion euros.
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