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Profits Slump at Gajah Tunggal in 2007

Indonesia’s PT Gajah Tunggal Tbk and the company’s subsidiaries achieved a net profit of IDR72.649 billion (£3.87 million) during the January to June 2007 half-year period. This figure is a drop of more than 42 per cent on the IDR126.102 billion (£6.7 million) profit enjoyed during the same period of 2006. This drop in profit came despite an 21.3 per cent increase in net sales, up from IDR2.633 trillion (£141.4 million) to IDR 3.218 trillion (£171.6 million) and operating profits that were 60.61 per cent higher at IDR 339.538 billion (£18.1 million).

The explanation given by Gajah Tunggal management for the reduced profit indicated that the sluggish 2007 result resulted from a foreign exchange loss that reached IDR14.262 billion (£760,000) and an interest expense valued at IDR181.048 billion (£9.6 million).

2nd August 2007/by Tyrepress Editors

Gajah Tunggal to Pay Dividend in August

Indonesia’s PT Gajah Tunggal Tbk intends to pay cash dividends for the 2006 fiscal year on August 8, 2007, with a value of IDR5 (£0.00027) per share. According to a report Gajah Tunggal management submitted to Indonesia’s Central Securities Depository, the cash dividends will be paid out to shareholders who register by the recording date of July 25, 2007.

Gajah Tunggal and its subsidiaries recorded a net profit of IDR11.401 billion (£6.5 million) in 2006, a significant drop from the previous year’s IDR346.835 billion (£19.1 million). Company management claimed that net profit fell sharply because of a 10.72 per cent increase in operating expenses.

9th July 2007/by Tyrepress Editors

Gajah Tunggal Issuing Bonds to Fund Expansion

Indonesia’s PT Gajah Tunggal has revealed plans to issue bonds to the value of US$95 million as part of company plans to invest in the development of two of its tyre manufacturing facilities. The company is looking at increasing its production capacity for motorcycle tyres in order to keep pace with demand both for its own products and those local market products it manufactures under licence for Michelin.

Catharina Widjaja, director of Gajah Tunggal, stated the company requires $170 million to develop the two facilities. The first of these upgraded factories will re-enter production in 2009 with a daily production capacity of 45,000 units, an increase of 15,000 units.

11th June 2007/by Tyrepress Editors

Gajah Tunggal Bond Top Up Attracts $1 billion

According to news published in Finance Asia, Indonesia’s PT Gajah Tunggal re-opened its July 2010 bond programme on June 4, pricing US$95 million worth of 10.25 per cent guaranteed senior unsecured notes through financial services groups Credit Suisse and Lehman Brothers. The B2(stable)/B(positive) Reg-S transaction (a transaction conducted without registration under the US Securities Act) attracted orders to the tune of $1 billion.

The re-opened bonds priced at 102.75 (yielding 9.2 per cent), in contrast to the existing bonds, which as of June 4 traded at 103.125 or 9.07 per cent. The new issue price equates to a yield spread of 423.9bp over two-year Treasuries. The transaction tapped the company’s existing $325 million bond programme due to mature in 2010, raising the total size of the programme to $420 million.

5th June 2007/by Tyrepress Editors

Sobering 2006 Financials for PT Gajah Tunggal

Recently released income statements indicate that PT Gajah Tunggal Tbk, manufacturers of the GT Radial brand and ranked as one of the world’s 30 largest tyremakers, had a challenging year during 2006.

While net sales for the company increased by 13.2 per cent to 5,470 billion Indonesian rupiahs (£314.4 million) in the year to December 31, 2006, operating income dropped from 407 billion rupiahs (£23.4 million) at the end of 2006 to 365 billion (£21.0 million) a year later. Net income dropped a worrying 65.9 per cent to 118 million rupiahs (£6.8 million).

Quarterly figures confirm the trend towards higher sales yet lower income, with quarterly net sales in the period to March 31, 2007 posted as 1,535 billion rupiahs (£88.2 million) as opposed to 1,229 billion a year earlier. Operating income increased from 111 million rupiahs (£6.4 million) to 171 million (£9.9 million). However net income for the quarter was scarcely a fraction of that gained a year earlier, down from 215 million rupiahs (£12.4 million) in March 2006 to just 12.9 million (£739,000) this year.

16th May 2007/by Tyrepress Editors

Korean Tyres Enjoying Brisk Sales in China

(Akron/Tire Review – Korean Times) South Korea’s two tyre giants, Hankook and Kumho, are leaving huge marks on China’s roads.

Hankook, Korea’s leading tyremaker, has been a dominant player since 2003 in China. Its market share reached 25% last year. That means that one out of every four saloons in the world’s fastest growing economy run on Hankook tyres.

20th February 2007/by Tyrepress Editors

Gajah Tunggal Makes Middle East Contingency Plans

Gajah Tunggal is said to be making contingency plans to switch its Middle East export activity away from Egypt to other Middle East countries. This will be carried out if the accusation by the Egyptian government that this Indonesian tyre producer is guilty of dumping is proved.

19th October 2006/by Tyrepress Editors

Gajah Tunggal “Asia’s Best Managed Company in Indonesia”

Euromoney recently named PT Gajah Tunggal Tbk as “Asia’s Best Managed Company in Indonesia”. The award was presented to Christopher Chan, president and director of Gajah Tunggal by Neil Osborn, managing director Euromoney PLC as part of the Euromoney Awards event in Singapore on 18 September.

This recognition will serve to motivate the management of Gajah Tunggal to enhance its performance going forward, Christopher Chan remarked. “We take this Award not as an end but as an encouragement to continue our quest to rebuild Gajah Tunggal to be the blue chip company that it can and should. We also have to thank the Global Capital Market in general which contributed to our drive to bring a higher level of management to this company.”

11th October 2006/by Tyrepress Editors

Gajah Tunggal Sales to Increase 20 per cent

The sales of PT Gajah Tunggal Tbk are likely to increase 20 per cent compared with last year’s figure of 3.8 trillion Indonesian rupiah (£214 million), the company has reported. Gajah Tunggal director, Catharina Widjaja, said the growth was due to increased domestic demand and additional sales to Michelin & Cie. The company, which is 10 per cent owned by Michelin is under contract to supply the French manufacturer with 5 million tyres per annum until 2010.

18th October 2005/by Tyrepress Editors

European Winter Tyre Market Continues to Grow

In the last winter season, the Western European winter car tyre market grew by 7.9 per cent – a fair way above average. During this time some 35.5 million units were sold on the replacement market. As far as the 2005/2006 season is concerned, current Europool figures suggest that it will be another good season for winter and/or cold weather tyres, whatever you call them.

The 4×4 and light truck markets are also likely to demonstrate a continued equalisation between summer and all-season tyres on the one side of the statistics and winter tyres on the other. The European tyre industry claims to be thoroughly prepared in terms of merchandise planning. However one exception is stocks of winter tyres featuring run-flat capabilities.

24th August 2005/by Tyrepress Editors

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.

15th April 2005/by Tyrepress Editors

Nokian Initiates Chinese Manufacturing Contract

Nokian Tyres and Giti Tire (China) have signed an offtake agreement which will see Giti Tire manufacture passenger car tyres on Nokian’s behalf. Based in Shanghai, Giti Tire is one of the biggest producers in China and is part of the Indonesian Gajah Tunggal group.

28th September 2004/by Tyrepress Editors

A look behind Gajah Tunggal’s scenes

The Indonesian company Gajah Tunggal is one of the biggest tyre manufacturers in south-east Asia producing its leading brand GT Radial for demanding markets like Europe. At the moment Gajah Tunggal is expanding its product ranges in order to offer up-to-date tyres for an increasing number of customers around the world. With a tour of the factory Tyres & Accessories was given the opportunity to get an idea of how tyres are produced on Gajah Tunggal’s all-in-one site in Tangerang near Jakarta where the company is also developing and producing tyres for the domestic and regional markets.

25th August 2004/by Tyrepress Editors

ECI International Updates Exhibition Statistics

In keeping with the current atmosphere of tyre industry trade events, exhibition organiser, ECI International, has released further statistics in response to both its Tyrexpo Asia and Brityrex International events.

28th June 2004/by Tyrepress Editors

Michelin buys 10 per cent share of Gajah Tunggal

The Michelin group has bought 10% stake in Gajah Tunggal. It is said that the Indonesian tyre manufacturer is going to produce associated brands for
Michelin but not the premium brand Michelin. The Michelin group has already signed joint ventures with Hankook (Korea) and Apollo Tyres (India).

19th May 2004/by Tyrepress Editors