Gajah Tunggal Posts a Drop in Net Profit

Indonesia’s Gajah Tunggal has reported a 4.11 per cent decline in net profit to Rp478.15 billion (£31.2 million) in 2004 compared with the previous year, according to Yahoo Finance Australia.

Its financial report declared net sales that rose to Rp6,807,58 billion from Rp5,729.51 billion.

Its gross profit rose from Rp871.82 billion to Rp1,124.39 billion but it suffered a loss on the foreign exchange amounting to Rp436.75 billion as against gain of Rp390.65 billion in the previous year, said the report.

The company’s total assets shrank from Rp12,173.26 billion to Rp6,341.12 billion as a result of a sharp fall in current assets from Rp9,096.77 billion to Rp4,491.78 billion.