Michelin H1 net profit falls, charge to hit 03

Newswire

PARIS, July 29 (Reuters) - Europe's biggest tyre maker Michelin posted a fall in first-half net profit due to restructuring costs on Tuesday but said operating profit improved thanks to stronger demand and higher prices. Michelin also said it would take a 300 million euro charge in the second half following its recent acquisition of Danish tyre distributor Viborg, which would "weigh in a significant manner on 2003 net income". Michelin said in a statement net profit fell to 157.5 million ...

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