SINGAPORE (March 10): Stamford Tyres reported 3Q earnings more than doubled to $2.3 million from a year ago.

Revenue for the three months ended June was $59.7 million, relatively flat from a year ago.

Gross profit was $15.4 million compared to $15.0 million a year ago as gross profit margin increased to 25.8% from 25.2% on lower cost of sales and contribution from value-added activities at its Stamford Tyres Mart retail chain and truck tyre centres.

Share of results of JVs amounted to a net profit of $0.9 million, compared to $0.8 million a year ago, mainly attributable to improved performance from its India JV.

Stamford Tyres expects the operating environment to stay challenging as the economic outlook continues to remain uncertain.

Shares of Stamford Tyres closed at 28 cents.