First half sales at tyre maker Michelin fell 13.4% to EUR7.1bn.

The supplier said operating margin was 4.0% and that it booked a net loss of EUR122m, after high restructuring costs. Operating income plunged over 60% to EUR282m.

Unit sales were down 23% due mainly to a fall in tyre demand in all markets except China.

“The decline was especially apparent in the original equipment business and, more broadly, in truck tyres,” Michelin said.

“Markets showed signs of stabilising in the second quarter, however, particularly in the countries that had introduced automobile stimulus packages.”