Stamford Tyres Q1 profit up 12.5 per cent

STAMFORD Tyres posted a net profit increase of 12.5 per cent to S$126,000 for the first quarter ended July 31, 2019.

Total revenue came in lower by 4.87 per cent at S$56.4 million mainly due to lower sales in North Asia. But total operating expenses fell 5.1 per cent to S$13.1 million mainly because of lower staff costs, marketing and distribution costs, and foreign exchange costs.

Shares of joint ventures was S$95,000, compared with a net loss of S$41,000 a year ago, due to fewer losses from the India joint venture.

Earnings per share was flat at 0.05 Singapore cent. Shares in the company closed flat at S$0.24 on Thursday.