MILAN - The Italian tire, cable and real estate group Pirelli Thursday reported that its net report more than doubled in the first quarter to 70 million euros (89 million dollars), putting it on track to meet its 2005 forecasts.
Revenue grew 10 percent to 1.87 billion euros, the group said in a statement.
"The results of the first quarter confirm the forecasts for an increase in group profits in 2005, compared with the previous year, except for any extraordinary external events," it said.
By sector, earnings were up in tires and electric cables. Telecom cables posted a loss of four million euros, cutting in half the loss from a year earlier.
The group's real estate activities posted a 12 percent increase in earnings.
Pirelli did not give any details on the sale of its cable activities that it entends to give up, except for a minority stake, to focus on its tire division.
05/12/2005 15:12 GMT