Stamford Tyres achieves first half growth
Singapore-based Stamford Tyres Corp. Ltd.'s net profit for the first six months of its fiscal year doubled from last year's first half results, while the company's revenue for the same period increased 32% over previous-year levels to $119.7 million (Singapore currency).
"The main reason for our good growth is due to our investments and growing our relationships with our major brand partners," says Stamford Tyres Corp. President Wee Kok Wah.
"This will continue to grow as the manufacturers increase their range of products and capability. We will correspondingly increase our distribution and retail capabilities as well."
Stamford Tires & Wheels Vice President and COO Jim Seidel says the company's first half results are "further evidence that our strategies are working and that our focus on key new products, customers and markets is paying off.
"We are developing these same successful strategies for our... operations in North America."
Stamford plans to introduce its Sumo line of tires to the U.S. market next year.
Stamford Tyres Corp. Ltd. distributes tires in more than 30 countries throughout the world.