NOKIAN, Finland—Nokian Tyres P.L.C. said a slow market was part of the reason that net sales decreased 13.3 percent in the latest financial quarter.
Nokian reported sales of $436.7 million, after posting sales of $503.9 for the same period in 2012. Profits for the period fell to $83.4 million, compared with $114.9 million one year ago.
The company said it expects demand for replacement tires to remain static in the Nordic countries, but to remain weak in Central Europe.
The company said demand in Russia is expected to grow for winter tires, but remain flat for summer tires. Overall, sales in Russia and North America are forecast to grow, while sales in Nordic countries and Central Europe should be flat. Net sales and operating profits are expected to show growth compared to 2012.
Kim Gran, president and CEO, said core markets in Russia and Nordic countries helped the company report "reasonable" quarterly results, particularly sales of winter tires in Russia.