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You are here: Home1 / News2 / Company News3 / Gajah Tunngal Reports £64M Net Profit for FY2009

Gajah Tunngal Reports £64M Net Profit for FY2009

Date: 19th March 2010 Author: Tyrepress Editors Comments: 0

Full year net profits of 905.33 billion rupiah (£64.67 million) have been reported by PT Gajah Tunggal Tbk. The Indonesian tyre maker reports it “managed to overcome a difficult first half of 2009” to post full-year sales of 7,936 billion rupiah (£566.86 million), only slightly down from the 7,963 billion achieved in 2008. Overall sales volumes were down in 2008, the company says, primarily due to volume decreases in export markets. The reported net profit, however, represents a marked contrast to a net loss of 624.79 billion (£44.63 million) a year earlier. Gajah Tunggal claims “strong operational performance was the main driver” of this turn around from loss to profit, although a large translational foreign exchange gain related to the company’s US dollar denominated bonds also contributed to the gain in net income. Furthermore, Gajah Tunggal’s associated company, PT Polychem Indonesia Tbk., added 16 billion rupiah (£1.14 million) to earnings from a loss of 76 billion rupiah the year before.

The company states it benefited from lower raw material inventory costs ordered in the first part of 2009 plus a higher margin product mix and favourable exchange rates. Consequently, gross margin for full-year 2009 grew to 23 per cent and EBITDA in 2009 reached a better-than-expected US$142 million, up 52 per cent the prior year.

Related news:

  1. Gajah Tunggal joins Indonesia’s LQ45 stock index
  2. Gajah Tunggal Profits Rise 188%
  3. Gajah Tunggal Boosts Profits with Increased Sales, Reduced Expenses
  4. Gajah Tunggal 2010 sales up 24% – Deutsche Bank
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Company News, export, full-year, Gajah Tunggal, Gajah Tunggal Tbk, Indonesia, USA

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