May 5, 2020 / 11:10 AM / a month ago

Finnish tyre maker Nokian Q1 profit drops more than expected

HELSINKI, May 5 (Reuters) - Finnish tyre maker Nokian said on Tuesday its first-quarter operating profit fell sharply, hit by high inventories in Russia, mild winter and coronavirus outbreak.

Nokian’s January-March operating profit fell to 9 million euros ($9.75 million) from 53.9 million a year earlier and missing the average 26.5 million expected by analysts in a Refinitiv poll..

At the end of March, Nokian scrapped its 2020 sales and profit guidance, while it also decided to temporarily lay off its 1,630 Finnish employees for up to 90 days. ($1 = 0.9230 euros) (Reporting by Anne Kauranen and Tarmo Virki, editing by Louise Heavens)

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