Nokian Tyres warns on H2 2012

Current sluggish sales and declining prices in Central Europe forced a major profit warning from Nokian Tyres (OMXH: NRE1V). Second half operating profit will fall below corresponding period last year. For the full year the company still believes it will have higher sales and operating profit than last year on the heels of a strong H1.Investors were shocked by the news as the tyre maker has been surprising on the upside in the past few years. This explains the near 12% fall on the news. In Nordic countries demand is still level with last year and Russia is doing very well.