ERJ staff report (DS)
Singapore -- South East Asia's largest independent tyre and wheel distributor, Stamford Tyres Corporation Limited (â€œStamford Tyresâ€), announced a much improved set of financial results for the 12 months ended 30 April 2010
Revenue increased 4.5 percent year on year to S$310.2 million (euro 182 million) on the back of increasing tyre sales for the Group's major and proprietary brands. Gross profit remained flattish at S$66.5 million. Consequently, gross margin declined from 22.7 percent in FY2009 to 21.4 percent in FY2010. The slight decline was mainly due to the higher tyre purchase prices worldwide and lower sales from the Group's wheel plant in Thailand.
"Looking ahead, market conditions remain challenging as tyre manufacturers continueto increase prices due to high costs of raw materials. Nevertheless, we will continue tooptimise our product mix, manage our costs and increase productivity whereverpossible.â€ said Mr Wee Kok Wah, President & CEO of Stamford Tyres
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Press release from Stamford Tyres