NOKIAN TYRES POSTS BETTER THAN EXPECTED PROFIT FIGURES

Time: Nov 1st 2017   Copy editor: Tyrefull

Nokian Tyres has reported better than expected third quarter profits on the back of growth in Russia and North America, as well as price increases to offset rising raw material costs. The July-September third-quarter operating profit rose 21% from a year earlier to 90 million euros ($105 million).

Net sales increased by 14.5% to EUR 363.1 million. Operating profit increased by 21.3% to EUR 89.8 million. The profit for the period decreased by 82.8% to EUR 10.2 million (59.4) and included additional taxes and punitive interest of EUR 59 million related to tax year 2011. Net sales for January-September period increased by 16.3% to EUR 1,082.0 million. Operating profit increased by 20.2% to EUR 242.8 million.

In 2017, with the current exchange rates, net sales and operating profit are expected to grow by at least 10% compared to 2016.

“In January–September 2017, Nokian Tyres demonstrated strong performance in all of its main markets. Our net sales and operating profit improved. The Passenger Car Tyres business unit showed strong growth during the period. Net sales increased in all markets. Operating profit increased clearly year-on-year. In Europe, the trend of sales shifting towards the consumer season has continued. We have been responding to the growing demand by increasing the production volumes at both factories and by building a new production line at the Russian factory. Heavy Tyres increased its sales, operating profit and production volume. All product segments and market areas showed growth. In particular, sales of agricultural tyres were strong,” said Hille Korhonen, President and CEO, Nokian Tyres.

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