SINGAPORE (Sept 11): Stamford Tyres reported earnings of $0.1 million for the 1QFY19 ended July, down 94.2% from $1.9 million in 1Q18 earnings due to lower revenue and gross profit margin, as well as share of losses from joint ventures.
Revenue for the quarter fell 1.7% to $58 million from $58.9 million a year ago, due mainly to lower sales in Southeast Asian markets.
Gross profit margin decreased y-o-y to 22.1% from 2.67% previously as cost of sales in tyres as well as cost of wheel production grew over the quarter.
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