|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||10.37 - 10.37|
|52 Week Range||10.37 - 37.67|
|Beta (5Y Monthly)||0.99|
|PE Ratio (TTM)||6.48|
|Forward Dividend & Yield||0.58 (5.58%)|
|Ex-Dividend Date||Nov 02, 2022|
|1y Target Est||N/A|
HELSINKI (Reuters) -Shares of Finland's Nokian Tyres fell 12% on Tuesday on worries over future profitability after the company announced third-quarter earnings and plans to invest 650 million euros ($645.2 million) in a new passenger car tyre factory in Romania. Built to make six million tyres per year, the Romanian plant is set to replace some of the lost output from Nokian's now divested Russian operation which had the annual capacity to produce 17 million passenger car tyres. Nokian last week agreed to sell its Russian operations to local oil producer Tatneft PJSC for 400 million euros, a decision triggered by Moscow's invasion of Ukraine, although there was substantial uncertainty over the closing of the deal.
Nokian Tyres has signed an agreement to sell its Russian operations to Russian oil producer Tatneft PJSC for 400 million euros ($398.7 million), the Finnish company said on Friday. At the end of June, Nokian Tyres said it would initiate a controlled exit from the Russian market due to Russia's war in Ukraine. The company, which used to make 80% of its passenger car tyres in Russia, has been operating in the country since 2005.
HELSINKI (Reuters) -Nokian Tyres plans an investment decision in the third quarter on a new production plant in Europe to replace Russian output, its chief executive said on Tuesday after the company plunged into the red in the second quarter. Shares in Nokian dived more than 10% after the Finnish company said its exit from Russia pushed it to make an operating loss for April-June of 203 million euros ($207.6 million), missing a forecast 33.1 million euro profit in a company-provided poll. Russia's attack on Ukraine, which Moscow calls a "special operation", and sanctions put in place by the European Union forced Nokian to halt production at its plant near St Petersburg, where the company used to make 80% of its passenger car tyres.