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Stamford Tyres fiscal Q1 profit falls YOY

Stamford Tyres Corp. Ltd. said its normalized net income for the fiscal first quarter ended July 31 amounted to S$728,130, a decline from S$755,000 in the prior-year period.

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

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

Total revenue fell on an annual basis to S$75.2 million from S$78.1 million, and total operating expenses fell on an annual basis to S$73.1 million from S$75.4 million.

Reported net income grew 39.0% on an annual basis to S$581,000, or 0 cents per share, from S$418,000, or 0 cents per share.

As of Sept. 5, US$1 was equivalent to S$1.25.