Stamford Tyres Q2 profit drops 98.8% on costs

Singapore

TYRE and wheels distributor Stamford Tyres Corp reported second-quarter net profit of just S$19,000, a near 99 per cent year-on-year plunge from S$1.62 million in FY18, due to higher costs.

This was despite second-quarter revenue for the period ended October 2018 rising 7.94 per cent to S$63.72 million on the back of improved sales in South-east Asian markets and new sales in North Asia, according to filings on Thursday evening.