Stamford Tyres Q1 profit dives 85.7%

TYRE distributor Stamford Tyres said net profit for its first quarter ended July 31, 2015 fell 85.7 per cent to S$83,000, from S$581,000 a year ago.

Revenue fell 12.5 per cent to S$65.8 million from S$75.2 million a year ago due to lower sales in certain products and markets.

Wee Kok Wah, president of Stamford Tyres, said in a press release: "The global economic outlook is 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 value-adding segments such as Stamford Tyres Mart retail chain and truck centres."

The company closed unchanged at S$0.29 before results were out.