Stronger Russian market boosts Nokian’s Q3 sales.
Finnish tyre maker Nokian Tyres has reported a Q3 net sales increase of 14.5% to €363.1 million ($421.7 million) compared to €317.2 million in Q3 2016.
The company’s operating profit increased by 21.3% to €89.8 million (74.1) for a profit percentage of 24.7% (23.3%). Profit for the period decreased by 82.8% to €10.2 million (59.4) and included additional taxes and punitive interest of €59 million related to the tax year 2011. Earnings per share were €0.08 (0.44). CEO Hille Korhonen said the stronger ruble helped to boost sales: “Our market share has been increasing in Russia and growth there has been more positive than what we anticipated.”
The company repeated its forecast of sales and profit growth of at least 10% for the full year 2017 and expects a 20% rise in raw material costs over 2016 despite a slight decrease that was experienced in Q3.