Stamford Tyres chalks up stronger profits in FY17

STAMFORD Tyres reported a jump in net profit from S$2.59 million in FY16 to S$8.11 million in FY17, thanks in part to lower expenditure.

Revenue for the full year slipped nearly 1.5 per cent to S$238.67 million on the back of lower sales in Africa and South-east Asia. Meanwhile, earnings per share rose from 1.10 Singapore cents to 3.44 Singapore cents per share.

During the quarter, total expenditure fell 3.6 per cent to S$230.35 million.

Stamford Tyres has declared a final dividend of 1.5 Singapore cents, up from one cent a year ago.

"The global economic outlook continues to remain uncertain," said Stamford Tyres. "As a result, our operating environment will continue to be challenging. To mitigate the impact of this challenging environment, the group will continue to optimise its product mix, manage operating costs and build on its core markets in South-east Asia."