Nokian 3Q Profits Down

Nokian Tyres’ third quarter profits will be lower than the previous year, the company has announced. However, a company statement on the subject did not give any further details of exactly how much profits had dropped. The company cited expenses resulting from the development of its Russian operations and from the establishment of new Vianor outlets and tyre hotels as reasons for its weakened profits. Looking on the bright side, Nokian pointed to a 6 per cent increase in invoicing and cumulative sales growth of 14 per cent. Net sales for 2005 are expected to grow by more than 10 per cent, the company added.