Stamford Tyres Q2 net profit up 60% to S$1.5m

TYRE distributor Stamford Tyres said net profit for its second quarter ended Oct 31, 2016 rose 60 per cent to S$1.5 million from a year ago.

Revenue was flat at around S$58 million.

Higher profit was due to lower cost of goods sold, finance costs and other operating expenses, offset slightly by higher employee benefits.

The firm said the global economic outlook continues to remain uncertain, and it will continue to optimise its product mix, manage operating costs, and build on its core markets in South-east Asia.

Earnings per share for Q2 was 0.62 cent, up from 0.39 cent a year ago.

The counter closed unchanged at S$0.26 before results were out.