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Nokian Tyres: Operating profit increases in H1 2018

Nokian Tyres: Operating profit increases in H1 2018

Nokian Tyres has reported strong sales growth with increased operating profit January−June 2018 period. Net sales increased by 9.2 percent to EUR 429.1 million. Operating profit increased to EUR 108.0 million. Profit for the period was EUR 87.5 million. Cash flow from operating activities was EUR 169 million. In relation to the tax disputes concerning the years 2007−2011, the Finnish Tax Administration returned the previously paid back taxes and interest of EUR 148 million to the company in June 2018.

In 2018, with the current exchange rates, net sales and operating profit are expected to grow compared with 2017, the company said.

“We had a good first half of the year with growth in all our main markets driven by the improved performance of Passenger Car Tyres and Vianor. In Heavy Tyres, especially sales of agricultural tyres and forestry tyres performed well. We have decided to increase our production capacity for passenger car tyres in Finland with approximately one million tyres by starting to run the factory six days a week. With this capacity increase, more than 80 new people will be hired for passenger car tyre production. In line with our strategic target to grow in Central Europe and North America, we have two major investments ongoing. We have started the project to build a testing centre in Spain for the purposes of developing and testing new summer and all-season tyres in particular. The construction work at our new US factory in Dayton, Tennessee, is also proceeding as planned,” said Hille Korhonen, President and CEO, Nokian Tyres.

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