The Board of Directors of Stamford Tyres Corporation Limited announced that following a preliminary review of the draft unaudited consolidated financial results of the Group for the second quarter and half year ended 31 October 2019, the Group is expected to record a net loss for second quarter and half year of fiscal 2020. The losses were mainly due to lower revenue arising from increased competition and oversupply in the tyre market as well as a one-time expense relating to the closure of a loss-making operation in Australia.