The company said that the losses were a result of currencies in Australia, South Africa, Indonesia and India weakening against the American dollar in October. It says that the losses are not related to speculative hedging instruments. The firm still expects to post a profit for the first half of its financial year. (Tyres & Accessories/Staffordshire, U.K.)
Stamford Tyres of Singapore has told Asian news sources that it expects to record a loss in its second quarter ending Oct. 31.