SINGAPORE - Stamford Tyres saw profits more than treble to $8.1 million for the financial year ended April 30.
The strong showing came despite revenue slipping 1.7 per cent to $235.8 million, which the firm said was due to lower sales in Africa and South-east Asia.
The company, which distributes and manufactures tyres, attributed its stellar results to higher profit from its joint ventures in Hong Kong and India, which climbed from $1.8 million in 2016 to $2.6 million.
Earnings per share was 3.44 cents for the year up from 1.1 cents a year earlie, while net asset value as at April 30 was 52.59 cents, up from 49.88 cents as of April 30 last year.
It declared a final dividend of 1.5 cents per ordinary share up from one cent a year earlier.
Despite its strong performance, the company said its operating environment will continue to be challenging.
To mitigate this, the group will continue to optimise its product mix, manage operating costs and build on its core markets, it said.
Mr Wee Kok Wah, Stamford Tyres president, said in a statement the global economic outlook remains challenging.
"We continue to focus on growing our sales of car tyres and SSW wheels, as well as truck tyres and mining tyres. We are also focusing on improving our sales productivity and value-added segments such as Stamford Tyres Mart retail chain and truck centres".