Gajah Tunggal 1Q operating profit falls 10.84% on higher cost

JAKARTA: Indonesia's largest diversified tire maker PT Gajah Tunggal Tbk (GJTL) reported a 10.84% drop in operating profit for the first quarter of this year on the back of higher cost of goods sales (COGS).

The company posted IDR281.32 billion in 1Q 2011 from IDR315.53 billion, sending its operating margin to 9.72%, lowered from 13.63%.

COGS increased 33.51% to IDR2.47 trillion from IDR1.85 trillion.

Gajah Tunggal's sales rose 25.11% to IDR2.89 trillion from IDR2.31 trillion.

The company recorded a IDR349.47 billion sales to tire maker Michelin North America, which was more than 10% of Gajah Tunggal's condolidated sales.

However, the company was still in a positive growth of net profit, mostly driven by higher foreign exchange gain.

Gajah Tunggal's net profit increased 21.79% to IDR338.18 billion or IDR95 per share from IDR277.66 billion or IDR71 per share.

Gajah Tunggal is 49.35% controlled by Denham Pte Ltd, Compagnie Financiere Michelin of 10% stake, Cooperatives of 0.12%, directors of 0.08%, and public shareholders of 40.45%. (wiw)

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.