Nokian Tyres sales and profits down in Q3
Nokian Tyres has reported third quarter 2015 sales of 311 million euros, down 5.1 per cent on the previous year. Looking at the first nine months of the year, the firm achieved sales of 1.009 billion euros, down 7.1 per cent. Operating profit, however, rose by 0.3 per cent to 72.4 million euros, resulting in an operating margin of 23.3 per cent in 2015 (the prior year figure was 22 per cent). In the first three quarters operating profit amounted to 201.2 million euros now.
Speaking at the presentation of the quarterly figures, Ari Lehtoranta, President and CEO of Nokian Tyres, emphasized that “Russia’s economic challenges” continue and that traders in Central Europe increasingly only remove their tyres at the start of their respective seasons and therefore stocking requirements are being depressed by this pattern.