PARIS, July 25 (Reuters) - French tyre maker Michelin said first-half profit fell 42 percent as a weak European economy eroded pricing and restructuring costs weighed further on the bottom line.
Net income dropped to 507 million euros ($671 million) on sales of 10.16 billion, down 5.1 percent from the same period last year, the company said in a statement on Thursday.
Michelin reiterated its full-year outlook for stable sales volumes and said lower raw-material costs should support profitability in the second half. The company took a 250 million euro charge for restructuring in the first half.
"Michelin's first-half performance was in line with the 2013 objectives and attests to the group's continuous improvement," Chief Executive Jean-Dominique Senard said in the statement. ($1 = 0.7555 euros) (Reporting by Laurence Frost; Editing by James Regan)