Stamford Tyres Corp. Ltd. said its normalized net income for the fiscal third quarter ended Jan. 31 came to S$1.0 million, an increase of 31.8% from S$760,630 in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin rose to 1.7% from 1.0% in the year-earlier period.
Total revenue decreased 19.7% year over year to S$60.3 million from S$75.0 million, and total operating expenses declined 20.4% year over year to S$58.1 million from S$73.0 million.
Reported net income increased year over year to S$894,000, or 0 cents per share, from S$855,000, or 0 cents per share.
As of March 3, US$1 was equivalent to S$1.39.