ERJ staff report (DS)
Jakarta - Indonesian tyre maker PT Gajah Tunggal Tbk said year-on-year, sales of passenger car radial tyres in the Indonesian after market grew by 26% while Motorcycle tyres sales grew 25% in the first nine months of the year.
Sales in the nine months were up by 7.6 percent year-o-year, while gross profit was up by 41 percent.
The company reported sales in the nine months of Rp. 9,381 billion (euro 753 million) from Rp. 8,722 billion in the corresponding period last year.
Gross profit achieved was Rp. 1,685 billion in 9M12, jumping by 40.8% year-on -year. This resulted in a gross margin of 18.0% in 9M12, higher than the 13.7% level last year. As mentioned earlier, the prime reason behind the margin expansion was lower raw material costs. EBITDA 9M12 reached US$ 156 million; up by 34.8% compared to 9M11. All in all, net income increased by 31.4% to Rp. 778 billion in 9M12.
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Press release from Gajah Tunggal