Michelin net profits fell 14.2% year on year to EUR3.51bn ($US4.62bn) in the first quarter of 2009 but the tyre maker said it was on course for positive results later in 2009.
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Falling auto demand hit sales which were 24.4%.
But Michelin said that despite the drop in sales it was “well on track to meet its objective of generating positive free cash flow in 2009”.
