Stamford Tyres net profit up 39% in 1Q15

Despite lower export sales.

Stamford Tyres saw 1.8% less revenues in 1Q15, from $76.3m last year to $75m today on the back of lower export sales.

Despite this, the group recorded a net profit of S$0.6 million in 1QFY15, which is higher than the S$0.4 million recorded in 1QFY14.

A release by Stamford says that the global economic outlook remains uncertain. As a result, the company’s operating environment will continue to be challenging. According to Stamford Tyres, it will continue to optimize its product mix and manage operating costs so as to enhance its performance.

In 1QFY15, the share of results of joint ventures amounted to a net profit of S$0.1 million, compared to a net
loss of S$0.4 million in 1QFY14. The net loss position in 1QFY14 was mainly due to the start-up phase of the
Falken Tyre India joint venture which was announced on 20 December 2012.