UPDATE 1-Michelin profits beat forecasts, cautious on 2003

Newswire

(Adds details from statement, background) PARIS, Feb 25 (Reuters) - Europe's biggest tyre maker Michelin posted a forecast-beating 18 percent rise in 2002 operating profit on Tuesday as price increases and cost cuts help it resist grim markets and a weak U.S. dollar. But the French firm was cautious on prospects for 2003, declining to give firm forecasts but betting on stable tyre markets with a risk of declining demand. Michelin said net profit rose 96 percent to 580.8 million euros ...

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