Gajah Tunggal managed to withstand the recent hike in raw material costs, reporting sound operational and bottomline performance. Net sales in 1Q08 were Rp. 1.850 trillion, up 20.0% compared to the same quarter the year before, while operating profit was up with 18.8%. The company’s gross margin in 1Q08 reached 16.8%, with an EBITDA of USD 29 million.
Net income in 1Q08 increased to Rp. 142 billion from Rp. 8 billion in 1Q07. This was due to the appreciating Rupiah 1Q08, which resulted in a Rp. 84 billion non-cash translation gain, as well as a Rp. 29 billion gain derived from our equity share in the associated company, PT Polychem Indonesia.
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