Singapore-listed Stamford Tyres returns to the black in the second quarter

Second quarter net profit at Singapore-listed Stamford Tyres came in at $4.85 million, reversing a loss of $2.97 million in the same quarter the previous financial year.

Revenue for the three months to Oct 31 came in at $71.5 million, down 12.07 per cent from last year.

The group's total revenue for the first six months of this financial year was 9.8 per cent lower at $147.8 million, compared with S$163.8 million in the same period last year. This was mainly due to weaker export sales of Sumo Firenza tyres and mining tyres.

The company recorded foreign exchange losses of $3 million in the first half of this financial year, mainly due to unrealised translation losses resulting from the strengthening of the Singapore dollar against the Australian dollar, South African rand and Indonesian rupiah.

It also recorded a one-time gain of $5.6 million on the disposal of property at Balestier Tower, and a one-time compensation amount of $1.6 million from a principal in respect of the group's exit from China in one of its brands.