Stamford Tyres' Q3 profit down 62.7%

STAMFORD Tyres' third-quarter profit sank 62.7 per cent from $2.2 million to $838,000, against a restated third quarter in the previous year.

The restatement was carried out because of the adoption of an accounting standard related to how it accounted for its joint-venture investments, in May last year.

Total revenue for the three months ended Jan 31, 2014, dipped 2.9 per cent to $71.7 million, on "weaker export sales of Sumo Firenza tyres and mining tyres", Stamford Tyres said yesterday.