UPDATE 2-Michelin profits beat forecasts, shares gain

Newswire

(Adds shares, analyst comment, background) By Rebecca Harrison 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. The French firm was cautious on prospects for 2003, declining to give firm forecasts and betting on stable tyre markets with a risk of declining demand. But markets welcomed the headline figures and ...

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