NOKIA, Finland (Aug. 7)—Nokian Tyres P.L.C. suffered a $3.9 million loss in the six-month period ended June 30 due to lower-than-expected sales and higher-than-expected costs for acquisitions and expansions. Sales for the period increased 25.4 percent to $146.2 million, but about two-thirds of the boost was due to first-time inclusion of sales from tire retail chains acquired in the latter half of 1999. The company´s target for fiscal 2000 is 20-percent growth in both sales and earnings, despite the first-half problems and expectations of increased spending on raw materials this year by as much as 12 percent over 1999, the company said.
Nokian earnings drop in half-year period
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