Gross profit margin, however, fell to 21% in 2Q from 26.1% a year ago due to higher cost of sales in tyres as well as higher costs of wheel production.
SINGAPORE (Dec 6): Stamford Tyres announced earnings of $19,000 for 2Q19, down 99% from $1.6 million in 2Q17 due to higher total expenditure and lower share of results of joint ventures.
This comes even as revenue for the quarter grew 7.9% y-o-y to $63.7 million from $59 million previously, on the back of improved sales in Stamford’s Southeast Asian markets.
