Michelin says higher tire sales helped drive profit growth

PARIS – Tire maker Michelin says its profits rose last year as high demand from booming auto markets in western Europe and North America drove sales growth.

The French company reported net profit of 1.16 billion euros ($1.3 billion) for 2015, up 12 per cent from 1 billion euros in 2014.

Michelin said demand for its tires in North America is growing thanks to strong car sales, low fuel prices and a favourable economy. Truck tire sales are also growing thanks to replacement of aging fleets in North America.

The company forecast higher sales and profits in 2016.