Stamford Tyres reports 4.56% increase in net profit to S$894,000

STAMFORD Tyres Corporation on Thursday reported a 4.56 per cent increase in net profit to S$894,000 for the third quarter of FY2016.

This was despite a 20.41 per cent fall in its revenue to S$59.57 million, in part thanks to a S$15 million decrease in operating expenses.

Said Stamford Tyres's president, Wee Kok Wah: "Despite the challenging global economic environment, the group managed to remain profitable through a series of value-added activities. We will focus on diversifying our product mix in the sales of car tyres and SSW (Stamford Sport Wheels) 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."

Earnings per share stood at 0.38 Singapore cents - up from 0.36 Singapore cents in the corresponding period a year ago.

No dividend was declared.