UPDATE 2-Pirelli profit helped by tyres, cost cuts


(Adds analyst comment, background) By William Schomberg MILAN, July 31 (Reuters) - Italy's Pirelli showed on Thursday it was clawing out of a slump, reporting a 27 percent rise in first-half operating profit, helped by its key tyre unit and cost-cutting at its cables divisions. Pirelli, which effectively controls Telecom Italia , had a grim 2002 as telecoms and power firms slashed spending. But the group showed a first sign of recovery in the first quarter as savings from job cuts ...

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