JAKARTA (Yosefardi) – Tire producer PT Multistrada Arah Sarana Tbk (MASA) only booked net profit of US$473,015 in 2014, dropped 86.8% from US$3.6 million in 2013.

Sales declined 12.3% to US$284.3 million from previous US$323.89 million. Cost of goods sold fell 13.1% to US$239 million from earlier US$275 million.

Operating profit jumped by 876% to Rp6.55 million from US$685,551 in 2013. Then it booked profit before tax of US$2.26 million last year, against loss of US$5.79 million a previous year.

However, MASA recorded income tax expenses of US$1.79 million in 2014, against income tax benefit of US$9.39 million in 2013. Its assets reached US$625 million while liability amounted US$250 million. The company has cash and cash equivalent of US$43.07 million.

MASA has postponed its plan to build factory in Mesir and Kazakhstan as the demand for tire is now declining. In 2014, MASA’s tire sales fell 10% to around US$291.5 million from US$323.89 million in 2013. In first nine months of 2014, Middle East market contributed 19.52% sales, Asia 15.4%, and Europe 12.44%. Tire selling price also declined alongwith the rubber prices.