The total revenue of companies from TOP-30, which disclose quarterly results, fell by 10% between January and September 2020 in euros. In roubles there could be insignificant growth (+0,1%). But devaluation of the Russian currency increases costs and hits profits. Nokian Tyres has the biggest drop in revenue in January-September (48%). The company tried to reduce high carry-over stocks in the Russian distribution channel.
The crisis has set new challenges to Finnish companies. Fazer and Valio developed online sales, Atria invested in assortment. Finnish companies reduced staff in order to cut costs. Atria reduced the number of employees by 6% in 2020, Nokian Tyres by 5%.
There can be new losses. Posti is discussing the sale of their logistics business Itella in Russia. YIT will stop real estate development in Moscow and Rostov-on-Don by the end of 2020. Technopolis had been discussing selling Technopolis Pulkovo business center off, but did not come to a deal. However, some companies consider the possibility of launching a business in Russia.