NOKIA, Finland—Nokian Tyres P.L.C. suffered double-digit drops in operating income for the quarter and half-year periods ended June 30 on slightly lower sales revenue.
Nokian management cited the negative effects of lower passenger tire sales volume in Central Europe, currency exchange losses and higher material and production costs for the earnings drops.
Operating profit fell 12.8 percent and 12.6 percent, respectively, for the quarter and half-year, to $105.7 million and $166.3 million, Nokian said. Sales were off 2.3 percent in the quarter to $470.9 million and 0.3 percent for the half-year to $857.1 million.
Net earnings fell 16.5 percent in the quarter to $82 million but more than doubled in the first half to $300.7 million due to extraordinary gains related to rulings on tax disputes from the years 2007−11.