N.Renkaat Q2 EBIT below consensus, repeats outlook
* Q2 EBIT 20.3 mln euros vs 28 mln avg in Reuters poll
* Repeats outlook for "significantly" weaker 2009 result
* Sees clear improvement in H2 result vs H1
(Adds detail, quotes)
HELSINKI, Aug 6 (Reuters) - Tyre maker Nokian Renkaat (NRE1V.HE: Quote, Profile, Research) posted a steeper-than-expected drop in second-quarter earnings on Thursday, hit by weak demand, currencies and delayed orders, and repeated its full-year result would fall sharply.
"The level of demand seems to have hit the bottom, stabilised and some signs of improvement can be seen," Chief Executive Kim Gran said in a statement. "We however base our actions on a gradual rather than rapid recovery."
Finland's Nokian Renkaat sank to an April-June operating profit of 20.3 million euros ($29.2 million) from 74.2 million last year, undershooting the average analyst forecast of 28 million in a Reuters poll and at the bottom of the range.
"Sales and operating margin were penalised by lower demand, devaluation of the Russian rouble, the Swedish and Norwegian krona, and preseason sales of winter tyres being delayed to the second half of the year," Nokian said. Continued...
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