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Stamford Tyres fiscal Q2 profit climbs 7.6% YOY

Stamford Tyres Corp. Ltd. said its normalized net income for the fiscal second quarter ended Oct. 31 came to S$921,880, a rise of 7.6% from S$856,880 in the year-earlier period.

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

The normalized profit margin climbed to 1.6% from 1.1% in the year-earlier period.

Total revenue fell 22.8% on an annual basis to S$58.3 million from S$75.5 million, and total operating expenses decreased 23.3% from the prior-year period to S$56.0 million from S$73.0 million.

Reported net income increased 7.0% from the prior-year period to S$916,000, or 0 cents per share, from S$856,000, or 0 cents per share.

As of Dec. 8, US$1 was equivalent to S$1.41.