News for Investors

Gajah Tunggal Posts Growth in Revenue for FY2008, But Takes Large Translational Forex Hit at Year End

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.

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