Weaker export sales put skid on Stamford Tyres Corp's earnings
Published on Mar 11, 2014 9:20 PM
Stamford Tyres Corp has posted a 63 per cent drop in third quarter net profit to $838,000.
Revenue for the three months to Jan 31 fell by 3 per cent to $71.7 million, mainly due to weaker exports of Sumo Firenza and mining tyres.
Gross profit dropped to $16.6 million from $17 million but gross margin inched up to 23.2 per cent compared to 23 per cent previously.
This was mainly attributable to lower cost of sales and continued higher contributions from value-added services at its Stamford Tyres Mart retail chain and truck tyre centres.
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