May 8, 2019 / 11:12 AM / 2 months ago

Tyre maker Nokian's first-quarter profit misses forecasts

HELSINKI, May 8 (Reuters) - Finnish tyre maker Nokian Tyres on Wednesday reported a 12 percent fall in first-quarter operating profit to 53.9 million euros ($60.4 million), which missed analysts’ average forecasts, citing unfavourable currency exchange.

Analysts in a Reuters poll had expected a profit of 59.9 million euros, with estimates ranging from 50 million to 64 million.

Nokian, which has a large plant in Russia and a smaller one in Finland, said changes in currency exchange rates cost it 5 million euros in the quarter. ($1 = 0.8928 euros) (Reporting by Anne Kauranen and Tarmo Virki; editing by Jason Neely and Jane Merriman)

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