JAKARTA (Yosefardi) – Tire manufacturer Gajah Tunggal (GJTL) posted net profit of Rp205.64 billion in nine months of 2013, plummeted 74% from the corresponding period of 2012.
Gajah Tunggal generated sales revenue of Rp9.1 trillion, down slightly from Rp9.38 trillion in nine months of 2012.
Lower cost of sales boosted its gross profit to Rp1.8 trillion from Rp1.68 trillion in Jan-Sep 2012. But selling expenses and general & administrative expenses also increased significantly in the period.
Combined with substantially higher finance cost of Rp418.8 billion (against Rp283 billion) and loss on foreign exchange translation of Rp707.84 billion (against Rp201.9 billion), Gajah Tunggal then posted significantly smaller net profit.