Stamford Tyres 3Q2009 Sales Down 6.6%
Stamford Tyres Corporation has reported double digit falls in both third quarter revenues (S$62.9 million, £29.2 million – down 21 per cent) and period gross profits (S$15.8 million, £7.34 million – down 16.6 per cent). The biggest quarterly fall was in the company’s net profits after tax, which fell to just S$100,000 (£46,426), down 94.9 per cent compared with the same period in the company’s 2008 financial year. Stamford puts the marked drops it experienced down to the “deteriorating business environment resulting from the global economic crisis.” Nevertheless the company evidently did turn a profit and continues to record healthy gross profit margins in excess of 20 per cent (2009:25.1 – 2008:23.8).
For the nine months ended 31 January 2009 revenue was S$227.6 million (£105.6 million), down 6.6 per cent compared to the same period in 2008. Gross profit for the first three quarters of the 2009 fiscal year was S$54.6 million (£25.3 million), comparable to what was achieved at the same point in 2008 (down 1.8 per cent to be precise). However, according to the company “most key territories in Stamford Tyres’ marketing network continued to perform satisfactorily.”