The Italian tire manufacturer Pirelli & C SpA increased its net profit by 1.8 times in the first half of the year, and also raised its revenue forecast for the current year as a whole.

The company’s net profit in April-June amounted to 221.4 million euros compared to 123.1 million euros in the same period last year.

Adjusted earnings before interest and taxes (EBIT) rose to 481.6 million euros from 377.4 million euros, and the margin on this indicator increased to 15.1% from 14.7% a year earlier.

Revenue increased to 3.2 billion euros from 2.56 billion euros a year earlier.

Pirelli now plans to generate revenue in the range of 6.2 billion euros to 6.3 billion euros in 2022, instead of the previously expected 5.9-6 billion euros. The EBIT margin guidance was confirmed at around 15%.