Gajah Tunggal reports strong growth in first half

ERJ staff report (DS)

Jakarta, Indonesia -- Indonesian tyre maker PT. Gajah Tunggal Tbk has reported its unaudited, consolidated results for the six months to 30 June 2011. The company saw net sales increase to Rup 5817 billion (euro 480 million) from Rup 4813 billion a year earlier.

Gross profit was down slightly at Rup 769 billion (euro 65.8 million) from Rup 994 billion, while net income increased marginally to Rup 422 billin (from Rup 415 billion)

Raw materials costs surged to Rup 4071 billion from Rup 2920 billion in the six-month period.

During the period, the company said it entered into an agreement with

Seyen Machinery (Hong Kong) Co., Ltd.

Win Elite Investment Limited and

Westford Pte. Ltd. for the purchase of machinery

and equipment for the expansion of the

Company's tyre factory.

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Full financial statement from Gajah Tunggal