February 08, 2023
Nokian Tyres: 116.2-million-euro loss down to Russian car tyre production gap
Nokian Tyres reports that its fourth-quarter 2022 net sales totalled 411.3 million euros, down 19.8 per cent from 512.6 million euros in October–December 2021. Operating profit was 13.5 million euros (Q4 2022: 88.0 million). Despite that, the company`s full-year 2022 net sales grew 3.6 per cent to 1,776.1 million euros (2021: 1,714.1 million euros). However, that wasn`t enough to prevent a full-year 2022 loss of 116.2 million euros (2021: 268.2 million euros profit). Executives put the fourth-quarter declines down to [lower passenger car tyre supply volumes-", something that is a veiled reference to the fact that the company is wrestling with a serious passenger car tyre production gap.
Yingkou Yuanmech Machinery Co Ltd