Michelin H1 results down, cuts 2008 forecast

Newswire

PARIS, July 30 (Reuters) - French tyre maker Michelin on Wednesday reported a bigger than expected decline in first half operating income and reduced its 2008 profit target on an higher expected impact from raw material prices, but it maintained its 2010 objectives. The world's number two tyre group in market capitalisation after Bridgestone said that in a "troubled and difficult global environment" its operating income before non-recurring items was 17.8 percent lower at 708 million ...

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