PARIS: French tyre maker Michelin set itself ambitious growth targets for the years ahead after posting Friday a 39 percent increase in next profit in 2011 to 1.46 billion euros ($1.93 billion)
Operating profit rose by 14.7 percent to 1.9 billion euros, or 9.4 percent of net sales, and Michelin said it aimed to boost that to 2.5 billion in 2015.
Sales rose 15.8 percent to 20.7 billion euros.
"In deploying its strategy, Michelin is capitalising on a number of unique competitive advantages, including forefront positions both in the premium tyre segment and in all of its specialty businesses, as well a balanced global footprint that will be further strengthened in 2012 with the start-up of the new plants in Brazil and China," the company said in a statement.
"As a result, Michelin confirms its ambition to drive at least 25 percent growth and generate positive free cash flow over the 2011-2015 period, and has raised its 2015 operating income target to 2.5 billion," it added.
The net profit was above analyst expectations of 1.27 billion euros on average, and Michelin's share price rose but was dragged down by 0.47 percent to 55.50 euros in midday trading on a French market down 0.70 percent overall.
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