ERJ staff report (DS)
Jakarta -- PT Gajah Tunggal Tbk increased net sales in 2010 to Rp 9,854 billion (euro 803 million), up 24.2 percent from Rp 7,936 in 2009. Sales volumes in all business segment rose as the domestic market experienced strong growth and the export market normalised after the global automotive crisis.
Gross profit increased 12.4 percent to Rp 1,939 billion even as the 2010 gross margin at 19.7 percent was slightly lower than 23 percent in 2009, but still strong on a historical basis. Margins came under pressure in 4Q10 as natural rubber and other raw materials increased in pricing.
On the operating level, EBITDA reached USD 181 million from USD 142 million in the previous year as the expansion programs in the radial and motorcycle tyre segments start to commence commercial production. Net income decreased slightly to Rp 831 billion from Rp 905 billion in 2009, due to a lower gain of a Rp 487 billion in foreign exchange related to the company's US$ denominated bonds over the previous year.
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Press release from Gajah Tunggal