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You are here: Home1 / Gajah Tunggal

PT Gajah Tunggal

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Gajah Tunngal Reports £64M Net Profit for FY2009

Company News

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.

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  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
19th March 2010/by Tyrepress Editors

Michelin Launches UK Part of New Global Ad Campaign

Company News, Premium

Michelin has launched the UK part of a new global ad campaign based on the theme: “The right tyre changes everything.” According to the company, the new campaign is intended to illustrate the competitive advantages of Michelin tyres and will roll out across the country from 15 March.

While creating a link with the grand tradition of Michelin advertising, the company has chosen a fully animated presentation for its new advertising campaign. It features the famed Michelin man, Bibendum, in an animated world. As ambassador of the Michelin brand, he comes to the aid of motorists in trouble, replacing their inefficient tyres with Michelin tyres that he pulls from his body, thereby enabling them to keep on driving.

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15th March 2010/by Tyrepress Editors

GITI Tire (UK) Achieves ISO 9001:2008

News

GITI Tire (UK) Ltd has achieved registration to the ISO 9001:2008 internationally recognised internal quality management standard. This independent assessment was conducted by The British Assessment Bureau (BAB) and, say company representatives, demonstrates GITI Tire’s commitment to customer service and quality. Wythenshawe, Manchester-based GITI Tire (UK) Ltd has now earned the right to display the BAB logo to show conformity to the standard. The certification for GITI Tire (UK) Ltd. applies to the supply of truck and bus tyres to the UK market.

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15th March 2010/by Tyrepress Editors

Is Michelin Angling for a Majority Stake in Gajah Tunggal?

News

Indonesian news sources are speculating that Michelin is positioning itself to take a majority stake in PT Gajah Tunggal Tbk, the Indonesian tyre manufacturer wing of Giti Tire. Michelin currently holds 10 per cent shares in the company and in the next year is expected to receive around 5 million through an off-take agreement with the company.

Indonesian website VIVAnews quoted an unnamed source as saying Michelin will buy a 44 per cent stake, making its total shareholding a majority 54 per cent. Gajah Tunggal director Catharina Widjaja reportedly said she had not heard that Michelin would be the majority shareholder of the company. When asked the same question Herve Richert, Giti Tire director sales and marketing (international), gave Tyres & Accessories a similar reply: “These are media news rumours, that we are not aware of and have no basis.”

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  1. Report: Gajah Tunggal to Expand Production Plant
  2. Nokian Initiates Chinese Manufacturing Contract
  3. GITI Tire (UK) Achieves ISO 9001:2008
  4. Gajah Tunggal Revenues Tipped to Grow 20% in 2011
23rd February 2010/by Tyrepress Editors

Gajah Tunggal Looking to Fill US Market Void Left by Tariffs

International News, News

Indonesian tyre maker PT Gajah Tunngal is hoping to take advantage of US tariffs against Chinese made consumer tyres. The Jakarta Globe reports company director Catherine Widjaja as saying “we are looking to see if we can fill the void left after the US hiked import tariffs on Chinese tyres.”

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  1. Gajah Tunggal Sales to Increase 20 per cent
  2. Gajah Tunggal Issuing Bonds to Fund Expansion
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  4. Report: Gajah Tunggal to Expand Production Plant
30th November 2009/by Tyrepress Editors

Gajah Tunngal Reports 1st Half Sales Drop

Career Tracks

Faced with weak global demand for tyres during the first half of 2009, Indonesian manufacturer PT Gajah Tunggal has reported a year on year decline for this period. According to the company, sales fell in the first six months of 2009 by 2.9 per cent to nearly 3.8 trillion rupiah (about £232 million). Operating margin […]

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26th August 2009/by Tyrepress Editors

Tire Maker Gajah Tunggal To Roll Out Bond Exchange

Product News

Indonesia’s PT Gajah Tunngal has said a plan for restructuring its debt will probably gain approval with investors following changes made to a bond exchange offer. A second bondholder meeting was held on July 21 after a quorum was not previously reached. The company intends to swap US$420 million of 10.25 per cent bonds due in 2010 for new notes maturing in 2014.

“In the absence of any substantial blocking votes, the issuer and the company expect to reach the requisite quorum and approval,” a company release stated.

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  1. Michelin to buy Gajah Tunggal
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24th July 2009/by Tyrepress Editors

Gajah Tunggal’s Rating Downgraded

Product News

In mid-June analysts at Standard & Poor’s cut PT Gajah Tunggal’s long-term credit rating from “CCC+” to “CC” due to a negative outlook. An explanatory statement expressed doubts over the Indonesian manufacturer’s ability in the near future to meet its outstanding debts within the agreed upon timeframe.

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24th June 2009/by Tyrepress Editors

Gajah Tunggal Offers to Exchange $420 Million of Bonds

Product News

Bloomberg reports that PT Gajah Tunggal TbK is offering to exchange US$420 million of 10.25 per cent bonds due in 2010 for new notes maturing in 2014. The Indonesian tyremaker said in a statement that it will exchange the debt at par for noteholders responding to the offer by June 26, and at 95 per cent of face value for those that wait until July 3.

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  1. Gajah Tunggal „sold to Singapore firm“
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  3. Profits Slump at Gajah Tunggal in 2007
  4. Gajah Tunggal Production, Prices to Increase
15th June 2009/by Tyrepress Editors

22% Growth Predicted for GT

Product News

Thanks to sustained growth in Indonesia’s automotive sector, one of the country’s leading tyre producers expects to see full-year sales to swell by 22 per cent. Gajah Tunggal’s director, And Catharina Widjaja, told Jakarta-based news sources that demand would continue to be high in the second half of the year, following the near-50 per cent growth in car sales in H1. According to GT, the company’s sales will top 8 trillion rupiahs (about 484 million pounds sterling) for the year; a significant increase on 6.6 trillion rupiahs for 2007.

GT’s president director, Christopher Chan Slew Choong, has backed up these figures, stating that the end-year predictions were in line with the company’s goal of achieving annual sales of 1 billion US dollars (c. 554 million pounds sterling) by 2010. Net sales for H1 2008 were 21 per cent up year-on-year to 3.9 trillion rupiahs (c. 233 million pounds sterling), supporting a net profit of 208 billion rupiahs (12.5 million pounds sterling), up 258 per cent from 58 billion.

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1st September 2008/by Tyrepress Editors

Gajah Tunggal Production, Prices to Increase

Product News

Price rises of 10 per cent have been announced by PT Gajah Tunggal Tbk, however a representative of the Indonesian company states plans to increase sales by as much as 20 per cent remain firm. “We are still targeting an increase in our sales revenue of between 15 to 20 per cent this year compared to 2007,” Catharina Widjaja, director of corporate communications, informed Reuters. This sales increase will follow a boost in production output; Widjaja reported daily production for car tyres is anticipated to rise by 5,000 units to 35,000 and motorcycle tyres from 45,0000 to 60,000 units by the end of the year.

On the issue of price rises, Widjaja said “Gajah Tunggal raised the price by around 5 per cent in Q1 of 2008 and another 5 per cent recently. GT will continue to monitor the impact of the rising prices of raw material.”

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17th June 2008/by Tyrepress Editors

Wholesalers See Great Potential in Russia

News

The Tires & Rubber show was unmistakably a genuine tyre trade show, despite its appearance as an event mainly attracting machinery and raw material suppliers. Among the 197 exhibitors at the show, which took place in Moscow from March 4-7, 2008, were only a handful of tyre manufacturers – but plenty of resellers, importers and wholesalers. And most of these companies are only interested in the distribution of tyre brands produced outside of Russia, i.e. in China, Korea or Europe.

Together with Russian importers such as Petromaster (Hankook, Sumo Firenza), Avantek (Alliance), Satim (Mitas) or Yarshintorg (Sumitomo), TransGaz Komplektatciya presented itself to visitors of the Moscow Tires & Rubber show and featured the “Primewell” brand. This brand is produced by Giti Tire in China and TransGaz is initially importing only truck tyres from this range. Later, however, Giti’s new importer in Russia will also import and distribute Primewell and Runway passenger car tyres. Runway is yet another brand from the GT group (Giti Tire from China and Gajah Tunggal from Indonesia). To what extent, if at all, TransGaz will play a major role with regards to importing the group’s core “GT Radial” tyre brand has yet to be decided, says Richard Lyons, sales director with Giti Tire Europe and thus responsible for the Russian tyre market, in an interview with Tyres & Accessories.

Read more

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1st April 2008/by Tyrepress Editors

Gajah Tunggal Plans 15% Sales Growth in 2008

Product News

Indonesia’s Gaja Tunggal Tbk is reported to have plans for increasing its sales by 15 per cent during the course of 2008. This growth will take place on top of sales revenue increases of around 20 per cent during 2006, up from IDR 5.47 trillion (£304 million).

Read more

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  1. Acquisition Rumours Regarding Michelin/Gajah Tunggal Unfounded
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  4. 22% Growth Predicted for GT
18th February 2008/by Tyrepress Editors

Gajah Tunggal Considering Share Issue

Product News

PT Gajah Tunggal Tbk is considering raising some funds through a rights issue next year. According to a senior executive said, quoted by the Reuters news agency, Indonesia’s Gajah Tunggal wants to reduce its debt-to-equity ratio to 1.0, from 1.6. According to director Catharina Widjaja the rights issue is not expected to be too large. “We are reviewing an option for a rights issue, possibly next year. The funds would be used to lower our debt ratio. For any corporate actions and capital expenditure, we still have the money from our latest bond issue,” Widjaja told reporters.

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  1. Acquisition Rumours Regarding Michelin/Gajah Tunggal Unfounded
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  4. Profits Slump at Gajah Tunggal in 2007
27th September 2007/by Tyrepress Editors

Gajah Tunggal Sales Up on Back of Increased Michelin Orders

News

Indonesia’s Gajah Tunggal is expected to achieve sales of IDR6.3 trillion (£337 million) in 2007, rising by approximately 17 per cent over the IDR5.4 trillion (£289 million) recorded in 2006. The anticipation of higher sales is based upon the increased level of orders from Michelin this year, 2.3 million units compared with 1.3 million in 2006.

Read more

Related news:

  1. Gajah Tunggal Sales to Increase 20 per cent
  2. Report: Gajah Tunggal to Expand Production Plant
  3. Gajah Tunggal Revenues Tipped to Grow 20% in 2011
  4. Acquisition Rumours Regarding Michelin/Gajah Tunggal Unfounded
23rd August 2007/by Tyrepress Editors
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