Stamford Tyres' net profit surges 154.6% in Q3

NET profit for tyre distributor Stamford Tyres rocketed 154.59 per cent to S$2.3 million from the previous year in its third quarter, the group said in a Singapore Exchange filing on Friday evening.

For the three months ended Jan 31, revenue edged up 0.26 per cent to S$59.7 million from the previous year.

The group said its third quarter gross profit margin rose to 25.8 per cent from 25.2 per cent a year ago, mainly due to lower cost of sales and contribution from value-added activities at its Stamford Tyres Mart retail chain and truck tyre centres.

Earnings per share climbed to 0.97 Singapore cents from 0.38 Singapore cents in the previous year.

Net asset value per share edged up to 51.37 Singapore cents as at Jan 31, from 49.88 Singapore cents as at Apr 30, 2016.

Stamford Tyres shares finished unchanged at S$0.28 on Friday.