Oct 29, 2010

Gajah Tunggal earning rises 10.67%

Indonesia's top rank tire maker PT Gajah Tunggal Tbk today reports a 21.63% increase in sales for the first 9 months of this year to Rp7.10 trillion from Rp5.84 trillion a year earlier.
Sales coming from the local tire market remained the biggest main driver for Gajah Tunggal's total sales, counting 62.79%.
Java market contributed Rp2.82 trillion, a 26.15% growth, while outside Java market made Rp1.63 trillion in sales.
The tire export market made 37.21% sales of Gajah Tinggal consolidated sales or Rp2.64 trillion with US as the largest lucrative destination market.
For the period ended September 2010, Gajah Tunggal enabled to jack up its income from operations 29.38% higher to Rp981.30 billion from the same period last year of Rp758.48 billion.
Gajah Tunggal, which its stocks have proven bright performance among peers, dragged down operating expense 7.25% to Rp465.73 billion from Rp502.16 billion, underpinning the rise.
The bottom line rose 10.67% to Rp664.15 billion in 9M 2010 compared to the same period last year of Rp600.09 billion. The company has set a net sales target of Rp9.92 trillion for this year, a 20%-25% increase from last year's level of Rp7.94 trillion.
Gajah Tunggal Director Catharina Widjaja said the sales increase will be underpinned by tire sales this year, estimated to achieve 30 million units.

Disclosure: No position at the stock mentioned above.
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