Company Briefs: Stamford Tyres

Stamford Tyres

Mainboard-listed Stamford Tyres, which distributes tyres and wheels to over 90 countries, has posted a third-quarter net profit of $953,000, down 58.1 per cent from $2.3 million in the previous corresponding period.

Earnings per share for the three months ended Jan 31 fell to 0.4 cent from 0.97 cent last year.

Revenue rose 3.6 per cent to $61.9 million on the back of new sales in North Asia.

Gross profit fell to $14 million from $15.4 million, while gross profit margin decreased to 22.6 per cent, from 25.8 per cent previously.

This was attributed mainly to the higher cost of sales in tyres, and higher costs of wheel production.

Yoma Strategic Holdings

Yoma Strategic Holdings has signed an agreement with ride-hailing service Grab, which will see the mainboard-listed company upgrading the fleet of taxis in Myanmar, and providing vehicle financing for Grab drivers in the country.

The partnership with Yoma will support Grab's recently launched services, GrabTaxi Plus and Grab for Business, as GrabTaxi driver-partners use better-quality vehicles in the near future, Yoma said yesterday, noting that many of the estimated 70,000 taxis in Yangon will require upgrading to newer models, along with better and more regular maintenance.

ST Engineering

The aerospace arm of Singapore Technologies Engineering (ST Engineering) has injected close to $4 million into its joint venture.

ST Aerospace has put in its pro rata share of $3.89 million into ST Aerospace Aircraft Seats as working capital for its operations.

This injection is part of ST Aerospace's planned investment for the joint venture, bringing its total investment to $16.78 million, ST Engineering said.

ST Aerospace Aircraft Seats is 90 per cent owned by ST Aerospace, with the remaining owned by Japan-based Tenryu Holdings Co.

A version of this article appeared in the print edition of The Straits Times on March 13, 2018, with the headline 'CompanyBriefs'. Subscribe