Goodyear India's Q1 profit falls on weak auto demand
The net profit of US-based Goodyear Tire's Indian unit fell to 141.1 million rupees (S$2.06 million) for the three months ended June 30, from 250.3 million rupees a year ago.
Goodyear India, which sells tyres, tubes and flaps, depends on auto sales for a large part of its revenue.
Total vehicle sales in the country fell 5.1 per cent in the quarter ending June, compared with 16.4 per cent growth in the same period last year, according to Society of Indian Automobile Manufacturers data.
The tyremaker's revenue from operations fell 5.1 per cent to 6.56 billion rupees.
The company said that increasing adoption of larger rim sizes in vehicles is expected to drive robust sales in the replacement business this year in its latest annual report.
Total expenses fell 3 per cent to 6.42 billion rupees, but not enough to boost the bottom line.
Rival CEAT reported a fall in June-quarter profit, while MRF is yet to report its quarterly results.
Goodyear India's shares are flat on the day and rose 16.8 per cent in the quarter ended June 30. REUTERS
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
9 minutes ago
- Straits Times
Zelenskiy calls Indian, Saudi leaders ahead of Trump-Putin talks
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: Ukraine's President Volodymyr Zelenskiy speaks to Ukrainian Muslim service members before sharing an iftar with them, a meal to break their fast at sunset, during the holy month of Ramadan, in a mosque in Kyiv, Ukraine March 13, 2025. REUTERS/Alina Smutko/File Photo KYIV - Ukrainian President Volodymyr Zelenskiy spoke to the leaders of India and Saudi Arabia on Monday, in an effort to mobilise support for Kyiv beyond Europe ahead of a planned meeting this week between Donald Trump and Vladimir Putin. Zelenskiy won diplomatic backing from Europe and the NATO alliance on Sunday, amid fears that the U.S. and Russian leaders may try to dictate terms for ending the 3-1/2-year war. In separate statements on Monday, Zelenskiy said he had spoken to Indian Prime Minister Narendra Modi and Saudi Crown Prince Mohammed bin Salman, both of whom have taken cautious diplomatic positions on Russia's invasion of its neighbour. India is a major buyer of Russian oil and Saudi Arabia has pitched itself as a mediator in the conflict. Zelenskiy said he spoke to both leaders about strengthening Ukraine's position in any peace process. "Communication with leaders is ongoing practically around the clock – we are in constant touch," he wrote on X. "Now is the moment when there is a real chance to achieve peace." In his "long conversation" with Modi, Zelenskiy added that he had also discussed sanctions on Russian oil. Trump last week slapped an additional 25% tariff on Indian goods, citing New Delhi's continued imports of the product. "I noted that it is necessary to limit the export of Russian energy, particularly oil, to reduce its potential and ability to finance the continuation of this war," he said, adding that leaders with "tangible leverage over Russia" should act. Top stories Swipe. Select. Stay informed. World Trump seizes control of Washington, DC police, deploys National Guard Business Lower-wage retail workers to receive up to 6% pay bump from Sept 1 Singapore Keppel to sell M1's telco business to Simba for $1.43b, says deal expected to benefit consumers Singapore ST Explains: Who owns Simba, the company that is buying M1? Singapore Telco price undercutting expected to subside after sale of M1 to Simba: Analysts Singapore ST Explains: What is Vers and which HDB estates could it be rolled out in? Singapore For Vers to work, compensation should account for varied needs of HDB flat owners: Observers Singapore Ong Ye Kung rebuts complaints about treatment of stallholders at Bukit Canberra Hawker Centre Putin has also made a flurry of calls in recent days, speaking to the leaders of China, India, Brazil and three ex-Soviet states to brief them on his contacts with the United States about the war in Ukraine. On Wednesday, Germany will convene a virtual meeting of European leaders to discuss how to pressure Russia to end the war in Ukraine ahead of a European call with Trump. Zelenskiy and EU and NATO officials were expected to join the meeting. Earlier on Monday, Zelenskiy warned that any concessions to Russia would not persuade it to stop fighting in Ukraine and that there was need to ramp up pressure on the Kremlin. "Russia refuses to stop the killings, and therefore must not receive any rewards or benefits," he wrote on X. "Concessions do not persuade a killer." REUTERS
CNA
9 minutes ago
- CNA
Exclusive-Paxos joins spate of crypto companies applying for US trust bank licenses
Paxos Trust Company, the cryptocurrency firm behind PayPal's stablecoin, said it is applying to create a national trust bank in the U.S., joining a raft of digital asset companies looking to gain a larger foothold in the traditional financial system. If the charter is granted by the U.S. Office of the Comptroller of the Currency, it would allow Paxos to manage and hold assets on behalf of customers and settle payments faster. Unlike traditional banks, the license would not allow Paxos to take cash deposits or make loans. If approved, Paxos would convert its limited purpose trust charter with the New York Department of Financial Services to a federal charter under the OCC. The charter wouldn't change Paxos' business model, but would offer the "highest level of regulatory oversight... that carries more weight in the U.S. and globally," according to a source familiar with the matter. Paxos previously applied for a national trust bank charter in 2020, and the firm received preliminary conditional approval from the OCC in 2021. But its application stalled and eventually expired in 2023. Crypto platform Anchorage Digital is currently the only digital asset company with a national trust bank charter. Stablecoin firm Circle along with crypto firm Ripple also applied for national trust bank charters last month. Paxos offers businesses blockchain and stablecoin infrastructure and capabilities, and issues several of its own stablecoins. Paxos issues PayPal's stablecoin PYUSD, which has a market capitalization of more than $1 billion. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say they could be used to send payments instantly. Last month, U.S. President Donald Trump signed a law to create a regulatory regime for stablecoins, a milestone that experts said could pave the way for the digital assets to become an everyday way to make payments and move money. The law's passage was the culmination of a long lobbying effort by the crypto industry, which donated more than $245 million in last year's elections to aid pro-crypto candidates including Trump, according to Federal Election Commission data. Paxos had previously partnered with Binance, the world's largest cryptocurrency exchange, to market and distribute the Binance USD stablecoin. New York ordered Paxos in early 2023 to stop issuing Binance's stablecoin, and Paxos subsequently ended the partnership. Last week, Paxos reached a $48.5 million settlement to resolve New York charges that the company failed to police illegal activity related to Binance, after Binance's former chief executive pleaded guilty to breaking U.S. anti-money laundering laws as part of a $4.3 billion settlement in 2023.
Business Times
an hour ago
- Business Times
More Singapore companies charmed by US listing, but post-IPO trail not a pretty sight
[SINGAPORE] Interest in listing on US exchanges has surged among Singapore companies, with 13 initial public offerings (IPO) in H1 2025, nearly thrice the number over the same period last year. Yet, nine out of the 13 companies saw their share prices dipping below their initial listing prices, including one that has fallen by nearly 90 per cent. Looking at Nasdaq's IPO calendar, The Business Times counted 13 Singapore-based companies that launched their IPOs in the US in the first six months of this year. This was almost triple the five listings in H1 2024. The companies – 11 on Nasdaq and two on NYSE American – operate in various sectors including energy, healthcare, finance and technology. Their market capitalisation on Friday (Aug 8) ranged from US$8.2 million to US$295.4 million, with a median of US$102.8 million. Of the nine companies that are now trading below their offer prices, Antalpha Platform Holding – a fintech company – recorded the smallest decline of 4.5 per cent, down at US$12.22 on Friday. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Maritime digital technologies provider iOThree suffered the largest loss of 89.8 per cent, closing at US$0.41 on Aug 8. Among the four companies that have seen a stronger post-IPO performance, Smart Digital Group – a provider of digital marketing and Internet media services – recorded the largest gains of 154.3 per cent, reaching US$10.17. Small fish, big pond Analysts whom BT spoke to pointed to sector mismatch, small market capitalisation and limited publicity as some of the key reasons behind the weaker post-IPO performance of Singapore companies in the US, despite strong gains in the Nasdaq Composite Index. DBS Group Research analyst Foo Fang Boon said that the Nasdaq's rally was led by mega-caps such as Nvidia, Meta and Microsoft as artificial intelligence (AI) remains the dominant theme and offers earning visibility. However, many recent Singapore listings are from traditional sectors that lack the AI and technology appeal, leading to lower investor interest, he added. Head of OCBC Investment Research Carmen Lee attributed the underperformance of Singapore companies to their small market capitalisations. 'This is in line with the broader market. The benchmark S&P 500 Index is up 7.6 per cent year-to-date (as of Aug 7), but the smaller-cap index (Russell 2000) is down 0.7 per cent for the year,' she said. Jimmy Seet, PwC Singapore's capital markets partner, described the Singapore listings in the US as 'small fish in a big pond', which tend to go unnoticed by institutional investors unless they have a robust investor relations strategy or meaningful operational presence in the US. Amid weak prospects for Singapore companies on US exchanges, MoneyHero Limited and Trident Digital Tech Holdings – both listed on Nasdaq before 2025 – received notices in the first half of this year for breaching the exchange's minimum bid price rule. This was after their shares closed below US$1 for over 30 consecutive business days. The two firms had regained compliance by July. US remains attractive market Despite the mixed performance of past Singapore IPOs in the US, companies still chose to list there in H1 2025 due to several reasons, analysts said. Foo said that listing aspirants are drawn to the perceived advantages of higher trading valuations, access to deep liquidity and positive reception towards high growth stocks. 'However, there is no guarantee the aforementioned factors will come into play, as seen from the market's mixed responses (to the Singapore IPOs in the first half of this year),' he added. Stephen Bates, partner and head of deal advisory at KPMG in Singapore, noted that a listing in the US improves companies' brand credibility, which is 'instrumental' in raising capital, attracting talent and entering new markets for high-growth or tech-driven players. 'Additionally, there may be a degree of herd mentality at play,' said Seet, observing that a few Singapore firms listing in the US might encourage more to follow suit, despite evidence of mixed performance. EY's Asean IPO leader Chan Yew Kiang noted that in H1 2025, factors such as elevated interest rates and US tariff announcements have introduced uncertainties and dampened IPO activity in Singapore. Amid the uncertainties, most Singapore issuers chose to list on US exchanges, he added. Why US, not Asia In the first half of 2025, one Singapore company – biotech startup Mirxes – listed on the Hong Kong Stock Exchange (HKEX). Its shares closed at HK$32.86 on Friday, up 41 per cent from the IPO price of HK$23.30. Only a single firm launched its IPO on the Singapore Exchange (SGX) in the first half – automotive group Vin's Holdings, which closed at S$0.285 on Friday, slightly below the IPO price of S$0.30 in April. On why Singapore issuers perceive regional markets as less attractive than the US, Seet said that regional exchanges – such as the Stock Exchange of Thailand – traditionally cater more to local companies. In contrast, US investors are more receptive to international listings and more willing to engage with companies from diverse markets, said Bates. He added that international visibility tend to be limited for markets closer to Singapore, whereas 'US listings offer strong visibility even for small-cap IPOs, which can be critical for companies seeking to build international recognition'. Despite the low uptake among Singapore issuers, analysts highlighted the appeal of HKEX and SGX as listing venues. 'Companies that look to expand or reinforce their presence in mainland China would find it compelling to list in Hong Kong,' said Chan. Seet noted that Hong Kong led global IPO fundraising in H1 2025 with nearly US$14 billion raised, outpacing even Nasdaq. As for the SGX, Foo expects more companies to consider it as a potential listing venue, citing reasons such as strengthening IPO momentum, the Monetary Authority of Singapore's (MAS) policies to revive the equity market, and Singapore's stability amid global volatility. Specifically, the central bank's S$5 billion Equity Market Development Programme could support the continued outperformance of small-mid caps relative to large-cap stocks. This may encourage more small-mid cap listings in Singapore. Seet added that MAS' proposed reforms could 'bolster interest in the SGX, particularly for local companies looking for a listing venue more closely aligned with their operational footprint'.
