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SP Corp FY14 profit down 11%

INDUSTRIAL group SP Corporation posted an FY14 net profit decrease of 11 per cent to S$2.13 million for the 12 months ended Dec 31, 2014, compared to S$2.4 million in FY13, mainly due to a decline in both tyre distribution and commodities trading activities, and a reduced gross margin for the latter.

Over the same period, revenue fell 14 per cent.

SP Corporation expects its tyre and commodity trading businesses to remain challenging in the year ahead, with intense competition and further downward pressure on pricing and profit margins. It remains vigilant over the challenges presented by the global economic environment and strives to strengthen and expand its network of core suppliers, customers and dealers.

For the three months ended Dec 31, 2014, earnings per share stood at 0.61 Singapore cent while net asset value per share was 13.56 Singapore cents.

No dividend was declared for the financial year.