MGDDY Michelin Compagnie Generale Des Etablissements Michelin (PK)

By Nick Kostov

PARIS--French tire maker Cie Generale des Etablissements Michelin (ML.FR) on Tuesday reported a rise in first-half net profit, boosted by lower costs.

Michelin said net profit rose 8.8% to 769 million euros ($844 million) in the first half while revenue declined 2% to EUR10.29 billion as the company continued to cut spending amid tough competition from low-cost competitors.

Europe's largest tire maker said the market for passenger-car and light-truck tires was expected to lose momentum in Europe and the U.S. in the second half, but remain buoyant in China.

The company confirmed its 2016 targets, including an increase in operating income from recurring activities at constant exchange rates and structural free cash flow of more than EUR800 million.

Write to Nick Kostov at nick.kostov@wsj.com

(END) Dow Jones Newswires

July 26, 2016 02:30 ET (06:30 GMT)

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