Stamford Tyres doubles profit in Q1 on higher sales

ERJ staff report (DS)

Singapore -- Stamford Tyres has announced unaudited pre-tax profits for the three months to 31 July 2011 more than double that of the corresponding period a year ago. Revenues were up by 6.6 percent, at Sing$85.8 million (euro 50.3 million)

The improvement in revenue was attributed to steady growth momentum in Stamford's South

East Asia markets. Revenue of South East Asia markets increased 7.9 percent from S$61.3 million in 1Q2011 to

S$66.2 million in 1Q2012. The Group's net profit tripled to S$3.5 million in 1Q2012 from S$1.2 million in 1Q2011.The Group expects its core wholesale and retail businesses to continue to perform well, especially in

Southeast Asia.

Stamford said, Business conditions remain challenging as the price of natural and synthetic rubber is expected to remain

firm. Consequently tyre purchase prices will remain high.

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Press release from Stamford Tyres