Stamford Tyres report 13.3% drop in net profit to $10 million
Published on Jun 27, 2014 10:18 PM
SINGAPORE - Stamford Tyres Corp's net profit deflated by 13.3 per cent to $10 million.
Revenue for the 12 months to April 30 fell by 8.5 per cent to $290.6 million, mainly due to softening demand for Sumo Firenza tyres in Europe, and mining tyres in Indonesia and South Africa.
Consequently, gross profit dipped to $66.2 million from $68.1 million last year.
Gross profit margin, however, increased to 22.8 per cent from 21.4 per cent last yeardue to the following factors:
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