The Achievement of PT. Gajah Tunggal Have Reached


21 October 2008
Gajah Tunggal received Primaniyarta Award for Global Brand Development

On October 21, 2008, Gajah Tunggal received the prestigious Primaniyarta Award from the Ministry of Trade. The Award was presented to Gajah Tunggal by the President Susilo Bambang Yudhoyono at the official opening of Indonesia Tarde Expo. This award recognizes Gajah Tunggal as one of the national companies for the category for best “global brand development.”


Gajah Tunggal posts growth in Revenue for FY2008, but takes large translational forex hit at year end

In a difficult earning environment, especially in the 4th Quarter of 2008, PT Gajah Tunggal Tbk managed to increase its whole year sales in 2008 by 20% to reach Rp. 7,963bn from Rp. 6,660bn in 2007. While sales revenue showed strength, EBITDA in 2008 decreased to USD 94mn, as significant raw material fluctuations and a lag time in increasing prices before the onset of the economic crisis, pressed gross margin from 17.6% in 2007 to 14.3% in 2008. Operations in 2008 were characterized by steep rises in raw materials in the first three Quarters of the year, as the Company steadily increased installed Radial and Motorcycle capacity, and a sharp drop in demand in both the export as domestic markets towards the end of the year.

Bottom line swung to a loss in 2008, as the depreciating Rupiah against the US Dollar caused a significant forex translational loss and our associated company, PT Polychem Indonesia Tbk negatively contributed with a loss of Rp 76bn. Gajah Tunggal posted a net loss of Rp. 625bn in 2008, compared to a net income of Rp. 91bn in 2007.


2 August 2009
GT Radial introduces its new tagline in IIMS 2009

For the 5th time, GT Radial participated in Indonesia International Motor Show (IIMS), held for the first time in Jakarta International Expo Kemayoran from July 24th to August 2nd 2009. The main objective of the participation this year is to highlight the CHAMPIRO HPY as the new ultra premium high performance tire of GT Radial and to introduce its new tagline “EXPERIENCE THE PERFORMANCE - DISCOVER THE VALUE”. The focus of most visitors of IIMS 2009 was directed at the Nissan Skyline GTR with CHAMPIRO HPY tires displayed in GT Radial stand. During the event, GT Radial also held a photographic contest – for both amateurs and professional photographers, On-line drifting game competition and GT Radial Funtastic Race that was joined by 120 participants.


12 August 2009
Gajah Tunggal 1H09 sales revenue declines in persistently challenging environment

As the global tire market remained depressed and the domestic market saw little growth, PT Gajah Tunggal Tbk's net sales decreased 2.9% to Rp 3,781 billion in 1H09 compared to Rp 3,894 in the same period last year. Overall tire sales volumes in 1H09 were down significantly year on year, with particular steep volume declines in the 4-wheel tire export segments.

Gross margin 1H09 was stable at 15.9% compared to 1H08, although there was considerable improvement in 2Q09 gross margin caused by declining raw material prices, as the company managed to reduce its higher cost inventory. Nonetheless, 1H09 operating margin retracted to 6.4% from 9.5% in 1H08 since selling expenses rose significantly as a result of programs to support our sales, an indication of the difficult operating environment. Consequently, EBITDA in the first half of 2009 reached USD 37 million compared to USD 57 million in 1H08.

The Rupiah appreciation against the US Dollar in the second quarter of 2009 reversed a large translational foreign exchange loss made by the Company in 1Q09, when the Rupiah depreciated severely against the US Dollar. Partly as a result of this, net income turned into positive territory again, totaling Rp 145 billion in 1H09.
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