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Nokian Renkaat beats market expectations
October 31, 2013 / 6:16 AM / in 4 years

Nokian Renkaat beats market expectations

HELSINKI, Oct 31 (Reuters) - Finnish tyre maker Nokian Renkaat’s quarterly operating profit rose more than expected as it expanded market share in Russia, its biggest market.

The company reiterated its recently-lowered outlook for 2013, forecasting a decline in net sales and operating profit due to a slowdown in Russia’s economy and the impact of an unfavourable rouble exchange rate.

Nokian Renkaat said its third-quarter earnings before interest and tax (EBIT) rose 12 percent to 95.7 million euros ($131.79 million), beating the average analyst forecast of 90 million in a Reuters poll. ($1 = 0.7262 euros) (Reporting by Ritsuko Ando; Editing by David Cowell)

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