Gajah Tunggal Sales Increased in 1H08 Amid Rising Cost Pressure

Despite global economic turbulences, PT Gajah Tunggal Tbk (GT) managed to increase net sales in 1H08 by 21.0% Y-o-Y, from Rp. 3,218 bio in 1H07 to Rp. 3,894 bio in 1H08. Both volume as well as the average selling price increases contributed to this growth. Persistent rapid rising raw material costs in 1H08 had put pressure to GT gross margin, down to 15.8% in 1H08 compared to 17.9% in 1H07. The Company has plans for price increases in the second semester of 2008.

The net income in 1H08 was up by 259% from Rp. 58 bio in 1H07 to Rp. 208 bio in 1H08. Contributing factors to this rise were, amongst others, the relatively stable exchange rates and a better performance from GT’s associated company, PT Polychem Indonesia. EBITDA for 1H08 reached USD57 mio, higher from USD53.5 mio in 1H07.

Please download below the Company’s financial statement of 1H08