Stamford Tyres Corp. Ltd. said its normalized net income for the fiscal first quarter ended July 31 amounted to S$309,380, a decrease of 57.5% from S$728,130 in the prior-year period.

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

The normalized profit margin fell to 0.5% from 1.0% in the year-earlier period.

Total revenue decreased 12.5% on an annual basis to S$65.8 million from S$75.2 million, and total operating expenses fell 12.7% on an annual basis to S$63.8 million from S$73.1 million.

Reported net income declined 85.7% from the prior-year period to S$83,000, or 0 cents per share, from S$581,000, or 0 cents per share.

As of Sept. 4, US$1 was equivalent to S$1.42.