Listed tyre maker, National Tyre Services reported an after tax loss of $164 000 in the six months to September from a profit position of $32 000 on falling revenues and increasing pressure on margins.
Revenue in the half year period was down 10 percent at $6.7 million while operating costs were flat at $1 million.
Sales contributed $6.5 million to total revenue with services contributing $215 000.
The company said yesterday growth was recorded in sales of budget brands despite an overall decline in units sold.
Going forward, the company plans to extend its product range to include more valuable offerings and implement cost containment measures.
Basic loss per share was 0.06 cents.- The Source