JAKARTA, Indonesia (March 23, 2010)—Indonesian tire maker PT Gajah Tunggal Tbk. reported a 52-percent jump in pretax operating earnings in fiscal 2009 on lower raw materials costs and improved product mix.
The company, minority owned by both Michelin and GITI Tire Co. Ltd., reported sales fell 0.3 percent to $761 million. Pretax earnings hit $142 million, or 18.7 percent of sales.
Gajah Tunggal attributed its stable sales performance to improving global macro economic conditions and a “resilient” domestic market in the second half. Overall sales volumes declined in 2009, primarily because of volume decreases in the export markets, the firm said.