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27 March 2008
Strong 2007 operational performance results for PT Gajah Tunggal

Gajah Tunggal posted sound results in 2007, with significantly improved operational performance compared to 2006. Net sales in 2007 were up by 21.7% to Rp. 6.660 trillion, while operating profit was up by more than 82%. Both increasing volumes as well as selling prices contributed equally to the rise in sales. Gross margin increased from 13.4% in 2006 to 17.6% in 2007, due to relatively stable raw material prices throughout the year.

Due to a weaker Rupiah at the end of 2007, the Company booked a slight decrease in net income to Rp. 91 billion from Rp.118 billion in 2006 due to our US Dollar denominated liabilities, which caused a non-cash forex translation loss of Rp.132 billion in 2007 compared to a gain of Rp. 316 billion in the year before.