Stamford Tyres' FY18 net profit down 36%

Mainboard-listed Stamford Tyres Corp reported a near 36 per cent year-on-year drop in net profit to S$5.19 million for FY18 on the back of higher costs.

This was despite total revenue rising 3.6 per cent to S$247.86 million for the financial year under review while earnings per share fell to 2.2 Singapore cents, down from 3.44 cents previously. Total expenditure increased by about 4.8 per cent to S$241.27 million owing partly to higher cost of goods sold.

It has declared a final dividend of one Singapore cent per share, down from 1.5 cents a year ago.

Wee Kok Wah, president of Stamford Tyres, said: "The global economic outlook remains challenging. We continue to focus on growing our sales of car tyres and SSW wheels, as well as truck tyres and mining tyres. We are also focusing on improving our sales productivity and value-added segments such as Stamford Tyres Mart retail chain and truck centres."