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Stamford Tyres swings to profit in fiscal Q2

Stamford Tyres Corp. Ltd. said its normalized net income for the fiscal second quarter ended Oct. 31 amounted to S$856,880, compared with a loss of S$1.2 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 1.1% from negative 1.7% in the year-earlier period.

Total revenue grew 7.6% year over year to S$75.5 million from S$70.2 million, and total operating expenses grew on an annual basis to S$73.0 million from S$70.7 million.

Reported net income fell 82.4% on an annual basis to S$856,000, or 0 cents per share, from S$4.8 million, or 2 cents per share.

As of Dec. 8, US$1 was equivalent to S$1.32.