Revenues down, profits up at Stamford Tyres

Singapore-based Stamford Tyres has posted a S$4.85 million (£2.36 million) profit in the second quarter of its current financial year, a marked contrast to the $2.97 million loss reported a year earlier. Revenue for the three months to 31 October 2013 amounted to $71.5 million (£34.8 million), down 12.1 per cent year-on-year. The company says the lower revenues are mainly attributable to weaker export sales of Sumo Firenza tyres and mining tyres.

Gross profit was $17.0 million (£8.3 million) in Q2 of the 2014 financial year compared to $14.9 million a year earlier. Gross profit margin increased from 18.3 per cent to 23.8 per cent. This was mainly attributable to lower cost of sales and higher contributions from value-added services at the company’s Stamford Tyres Mart retail chain and truck tyre centres.