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Nokian reports Q1 sales, profit increases

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Nokian Tyres plc achieved net sales of 112.7 million euros during the first quarter of 2004, an increase of 17.8% from the same period last year.

Nokian's operating profit rose to 10.7 million euros during the first quarter. Its net profit before taxes increased to 9.6 million euros.

"Nokian Tyres' main markets and key product segments continued to show positive development," say Nokian officials.

"The markets for car winter tires and high-speed summer tires grew in the Nordic countries, Europe and Russia.

"Demand for tires also picked up from the previous year in North America."

However, officials admit that "the low United States dollar undermined sales profits in the U.S. market."

In 2004, Nokian plans to "focus on expanding and profitable markets and on product segments where the company is gaining an increasingly strong foothold.

"Demand for winter tires and for high-speed summer tires is expected to show sustained growth in the Nordic countries, Eastern Europe, Russia and the U.S. Favorable development also is expected to continue in the heavy special tires market, particularly as the manufacture of forest machinery will be up."

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