French tire maker Compagnie Générale des Etablissements Michelin reported decline in the net profit as compared to last fiscal year more than expected due to declining tire sales and high restructuring costs.

Company reported 71% decline in the net profit margin from € 357 million to €104 million due to non recurring expenses related to the project in France, North America and Japan.

Company's revenue decline of 9.8% from €16.41 billion to €14.81 billion during the fiscal year 2009 as per the officials of the company they can be able to maintain to this level despite the global turmoil with the help of major decline in the cost of raw material and majors taken by it.

According to said Michel Rollier, managing general partner, "In an environment shaped by a historic decline in tire demand, especially in mature economies, Michelin was able to respond quickly and more agilely than ever."