Nokian sales, earnings rise in quarter

NOKIA, Finland (Aug. 14)—Nokian Tyres P.L.C.´s positive results in the second quarter—a 43.3-percent jump in net earnings on 14.5-percent better sales—leaves the firm "well positioned to outperform the results of 2001 in terms of growth and profit." Nokian said its annual result depends largely on the second half, when it fills orders for winter tires. In addition, the firm's production volume will grow and productivity should improve as a result of completed investments and efficiency-boosting measures, Nokian said. Off-take manufacturing in Poland, Russia, Indonesia and the U.S. will provide the tire maker with additional capacity. For the quarter, Nokian reported earnings of $3.9 million on sales of $97.5 million as business in the manufacturing and retailing sectors grew. For the half year, operating earnings grew 30 percent to $7.8 million as sales increased 12.6 percent to $174.2 million. In general, sales of passenger and light truck tires were up while demand for truck tires and retreading materials slumped, Nokian said.