|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||11.90 - 11.90|
|52 Week Range||10.37 - 32.82|
|Beta (5Y Monthly)||0.94|
|PE Ratio (TTM)||15.93|
|Forward Dividend & Yield||0.58 (5.57%)|
|Ex-Dividend Date||Nov 02, 2022|
|1y Target Est||N/A|
HELSINKI (Reuters) -Finland's Nokian Tyres posted a surprise fourth-quarter operating loss on Tuesday after its supply of passenger car tyres dropped sharply with the loss of its Russian output which accounted for the bulk of production. The company's shares were 11% lower on the Helsinki stock exchange following the release of the earnings report. Following the invasion of Ukraine, Nokian agreed in October to sell the Russian plant where it made 80% of its passenger car tyres, but it has not been able to sufficiently ramp up production elsewhere.
Romania's economy is set to outpace its stagnating neighbours this year, helped by European Union funding, currency stability and foreign investment driven in part by reshoring from Russia and Ukraine. The International Monetary Fund expects a 3.1% expansion, while even the European Commission's 1.8% growth forecast would place it well ahead of Poland - seen growing 0.7% - and Hungary, grappling with a slowdown and sky-high inflation. That follows a decade in which Romania - long one of Europe's poorest countries, and burdened with a reputation for corruption - has quietly closed in on its peers to become eastern Europe's second-largest economy after Poland.
Finland's Nokian Tyres on Monday said it had found a subcontractor in China to replace some of the lost output from Nokian's now divested Russian operation. The move is part of Nokian's strategy to outsource some tire manufacturing to Asia while the company is ramping up its own production in Europe and the United States. "We have started to build the new Nokian Tyres without production in Russia, and contract manufacturing is an essential part of these plans," the company said in a statement.