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February 20, 2008 |
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GAJAH TUNGGAL: Aims to Boost Sales by 15% in 2008 PT Gajah Tunggal Tbk is aiming to boost its sales by 15% this year, supported by growing demand from foreign and domestic markets, Reuters reports. According to the report, Marcello Taufik, Gajah Tunggal's corporte communications officer, said 2007 sales revenue had risen by around 20% from IDR5.47 trillion in 2006. "We are targeting a 15 percent increase from our sales figure of 2007. Demand from the domestic motorcycle market is firm as well as the foreign market," Mr. Taufik was quoted by Reuters as saying. The report relates that analysts expect the company to post sales revenue of IDR6.3 trillion in 2007, and IDR7.07 trillion this year. Mita Valina Liem of Reuters wrrites that Mr. Taufik said the company plans to increase its daily car tyre production capacity to 35,000 units from 30,000 units last year. It will also boost its motorcyle tyre production capacity by 33 percent to 60,000 pieces per day to meet growing demand, the report adds. About Gajah Tunggal Headquartered in Jakarta, Indonesia, PT Gajah Tunggal Tbk -- http://www.gt-tires.com/ -- is primarily engaged in the production and marketing of a range of tires and inner tubes for motorcycles, passenger cars, commercial cars, off the road vehicles and industrial and heavy equipment vehicles. Its products are marketed to both domestic and international markets, including Australia, the United States and other countries in Asia and Europe. These products can be purchased in approximately 5,000 retail outlets around the world. The company's subsidiaries, which are engaged in the general trading and financial services, the distribution sector and the chemical industry, include GTT Netherlands B.V., GT 2005 Bonds B.V., PT Prima Sentra Megah and PT Polychem Indonesia Tbk. The company operates a production facility in Tangerang. * * * The Troubled Company Reporter-Asia Pacific reported on June 6, 2007, that Moody's Investors Service assigned a B2 senior unsecured rating for PT Gajah Tunggal Tbk's proposed US$95 million bonds. At the same time, Moody's has affirmed GT's B2 corporate family rating and the B2 senior unsecured rating for existing US$325 million bonds, guaranteed by GT. The outlook for all the ratings is at present negative. On Oct. 6, 2006, Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit rating on Gajah Tunggal. The outlook is stable. At the same time, it affirmed the 'B' issue rating on the five- year US$325 million senior unsecured bonds issued by GT2005 Bonds B.V., and irrevocably and unconditionally guaranteed by Gajah Tunggal. |
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