MGDDY Michelin Compagnie Generale Des Etablissements Michelin (PK)

MICHELIN

Tire Maker Say Sales On Track to Grow

French tire maker Compagnie Generale des Etablissements Michelin SA expects to increase its tire sales by 20% by 2020 from last year's level, Chief Executive Jean-Dominique Senard said Monday.

The company would reach "above-market growth" from innovations that would allow it to offer tires that more closely meet the needs of customers, Mr. Senard said.

A spokeswoman for the company declined to say how many tires Michelin sold in 2015.

The company's revenue from its "services and solutions" unit would double by 2020 to EUR2 billion ($2.27 billion) from EUR1 billion in 2015, Mr. Senard said.

Michelin said three months ago its sales of tires in 2015 rose 3.2% on stronger demand from Western Europe, China and North America, while a weak economic environment in Eastern Europe and South America hurt sales. The company had previously said it expected sales in 2016 would rise at the pace of the market.

--Inti Landauro and Blandine Henault

LUKOIL

Profit Plunges on Lower Oil Prices

Russia's No. 2 oil producer OAO Lukoil said first-quarter net profit more than halved compared with the same period in 2015 because of lower oil prices.

Net profit dropped 58.8% to 42.8 billion rubles ($651 million) as Revenue fell 18.2% to 1.18 trillion rubles. Free cash flow declined 42.1% to 36.4 billion rubles. Lukoil's daily hydrocarbon production was down 0.6% at 2.35 million barrels of oil equivalent. The company ramped up production at its West Qurna-2 project in Iraq, but output slid in its main Soviet-era fields in Western Siberia.

Lukoil stock rose 1% in Moscow after the results were published Monday morning, slightly behind the rest of the market

--James Marson

Aker Solutions

Norwegian Firm Gets Egypt Gas-Field Pact

Aker Solutions ASA of Norway won a one billion kroner ($122.3 million) contract with Petrobel for delivery of equipment to the Zohr gas field offshore Egypt, a boost for the Norwegianoil-service company at a time of waning activity and job cuts. The company said it would deliver 180 kilometers of umbilicals -- a type of tube used to carry data, power and fluids between subsea production equipment and platforms -- that would connect the Zohr field to an offshore control platform.

The company ramped up production at its West Qurna-2 project in Iraq, but output slid in its main Soviet-era fields in Western Siberia.

Lukoil stock rose 1% in Moscow after the results were published Monday morning, slightly behind the rest of the market

--Kjetil Malkenes Hovland

(END) Dow Jones Newswires

June 07, 2016 02:48 ET (06:48 GMT)

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