Faced with weak global demand for tyres during the first half of 2009, Indonesian manufacturer PT Gajah Tunggal has reported a year on year decline for this period.
According to the company, sales fell in the first six months of 2009 by 2.9% to nearly 3.8 trillion rupiah (about £232 million). Operating margin fell from 9.5% in the first half of 2008 to 6.4%. EBITDA is estimated for the first six months of the current fiscal year to be US$37 million; during the same period of last year it was $57 million. Notwithstanding, the first half balance sheet includes a net profit of 145 billion rupiah (about £8.6 million). (Tyres & Accessories/Staffordshire, U.K.)