Stamford Tyres posts 52% rise in profit
Stamford Tyres Corporation Limited on Monday posted a 52 per cent rise in full-year net profit to S$2.6 million for FY2016.
Gross profit margin rose from 22.1 per cent in FY2015 to 24.7 per cent in FY2016, mainly attributable to lower cost of sales and contribution from value-added activities at its Stamford Tyres Mart retail chain and truck tyre centres.
The group recorded revenue of S$239.9 million, down 18 per cent.
Total operating expenses fell by 6.1 per cent to S$58.2 million, due to lower marketing and distribution costs, salaries and foreign exchange costs.
The cash and cash equivalents of the group stood at S$17.4 million as at April 30, 2016 compared with S$15.9 million last year.
Earnings per share grew from 0.72 Singapore cent for FY2015 to 1.10 cents for FY2016.
The directors have recommended a first and final dividend of one cent per share.