Gajah Tunggal reports reduced profit on higher sales in quarter

ERJ staff report (DS)

Jakarta - Indonesian tyre maker Gajah Tunggal said sales for the three months ended March 2012 increased to Rp3145 billion (euro 270 million) compared with the figure of Rp 2895 billion reported a year earlier.

Pre-tax income fell, to Rp 324 billion from Rp 408 billion.

In the company's annual report for 2011, Gajah Tunggal said net sales for the full year 2011 amounted to Rp 11,841 billion (euro 1017 million), up from Rp 9854 billion a year earlier. Operating income for the year declined to Rp 1009 billion from Rp 1287 billion .

The company's main shareholders are Denham Pte (a 100 percent subsidiary of GiTi Tire Pte Ltd), which holds 49.7 percent, and Michelin, which holds 10 percent. Members of the public hold a total of 40 percent of the equity, though no individual owns more than 5 percent.

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Annual report 2011 from Gajah Tunggal

Q1 results statement from Gajah Tunggal