Stamford Tyres reverses into the red in second quarter
Stamford Tyres Corp has reversed into the red in the second quarter, with a net loss of $3 million compared to a profit of $330,000 previously.
Revenue for the three months to Oct 31 rose by 7.7 per cent to $90.5 million. This was due to healthy performance from the South East Asia and South Africa markets. However, gross profit margin slipped to 18.3 per cent from 23.1 per cent previously.
The decline in gross profit is mainly due to higher historical cost of goods sold during the quarter compared to the corresponding period last year.
Loss per share amounted to 1.26 cents compared to earnings of 0.14 cent previously while net asset value per share eased to 47.57 cents compared to 48.12 cents as at April 30.