Stamford Tyres full year net profit falls to $1.7 million over price pressures

SINGAPORE - Mainboard-listed Stamford Tyres' full-year net profit fell 83 per cent to S$1.7 million over pricing pressure and reduced gains on property sale.

On a per-share basis, net profit for the year ended April 2015 was 0.72 Singapore cents, the company release issued on Thursday stated.

The company board has also recommended a first and final dividend of 1.0 cents per ordinary share, a decrease from 1.5 Singapore cents the year before.

The increase in Group total revenue would have been higher if not for the strengthening of the Singapore Dollar, the release stated.

Gross profit for the Group was lower at $64.5 million as compared to $66.2 million in the previous full year due to pricing pressure arising from market competition in some markets.

Commenting on the full-year financial performance, company president Mr Wee Kok Wah said: "The challenging environment has resulted in the Group facing stiff competition in some markets in which we are operating."