UPDATE 1-Michelin raises margin target as H1 net falls

Newswire

(Recasts with shares, background) PARIS, July 30 (Reuters) - French tyre maker Michelin on Tuesday raised its operating margin target for 2002 as it posted a 31 percent drop in first half net profit that was entirely due to an exceptional gain which inflated last year's bottom line. Europe's largest tyre manufacturer said net profit fell to 254.1 million euros in the six month period, while operating profit pushed up 16 percent to 569.6 million euros. The figures were better than a ...

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