Stamford Tyres weathers difficult market conditions
International tyre distributor Stamford Tyres has earned net profits of S$ 0.9 million for the quarter that ended on July 31, 2009 (1Q2010).
The company’s performance has improved after a loss of S$ 0.1 million in the previous quarter (4Q2009). The president & CEO of Stamford Tyres, Mr Wee Kok Wah was quoted in 2009 saying, “I believe Stamford Tyres can weather this period by staying profitable and running a tight ship. In this way, we will be in a position to grow…when conditions improve.” The company has certainly made an attempt to “run a tighter ship“ by reducing operating costs by 20.7% for this quater. The company also benefited from foreign exchange gains (S$ 1.4 million)due to the South African Rand and Indonesian Rupiah becoming stronger against the US dollar. Despite these gains, compared to the company’s net profits this time last year (S$ 3.3 million) the company has seen a decline of 71.4%.To face market conditions, Stamford Tyres’ priorities will be increasing sales productivity and optimizing their product mix.
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