TNI || New Delhi || 5th Nov 2021
Nokian Tyres from Finland have reported a stronger rise, better than expected, in the quarterly operating profit.
According to Jukka Moisio, chief executive of Nokian Tyres, the company has announced an increase in price in a wider range of markets and products, and they are consistently expecting to control the cost as the inflation is going to continue.
There has been an increase of 27% in the net sales to 443.5 million euros and a 43% rise in the operating profit which has touched 89.1 million euros.
The industry analysts expectations have been beaten by the company as it has outperformed traditional rivals such as Michelin and Continental AG.
As per one of the analysts, Nokian has managed to triumph over quite a market share. Moisio goes on to add that the bloated demand after the height of the coronavirus pandemic has played a crucial role in the current company numbers.
Nokian has been adding production shifts to its factories across Finland and the U.S. and it remains on track to not only achieve but also exceed last years earnings.
The tyre company has already delivered orders earlier than expected. However, Moisio is of an opinion that cost inflation shall affect future profits.