HELSINKI — Finnish winter tire maker Nokian Renkaat reported a bigger-than-expected rise in quarterly profit thanks to strong growth in Russia.
First-quarter operating profit rose 45 percent to 105 million euros ($136.5 million). Sales grew 33 percent to 384 million euros. Sales in Russia rose 67 percent to 171.5 million euros.
Nokian Renkaat is building a new plant in Vsevolozhsk next to its old plant, and its annual production capacity in Russia is estimated to increase to 14 million tires this year from 11 million. The firm exports some 50 percent of the tires it makes in Russia.