Stamford FY Net Profits Dive in Singapore
International tyre and wheel distributer and service provider Stamford Tyres has reported a full-year net profit fall of 34 per cent to S$7.6 million. The company predicted that the coming year would prove increasingly challenging, as the market continues into volatility.
However, the year saw Stamford’s sales figures stay relatively level, thanks to increased turnover for its major brands Falken, Dunlop and Continental in the Southeast Asian market. While the bottom line suffered dramatically as a result of soaring fuel and raw material costs affecting buying and distribution outgoings, the organisation’s overall turnover rose 11 per cent to S$328 million.