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Gajah Tunggal suffers 4.1% drop in net profits

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PT Gajah Tunggal Tbk reported net profit of 478.1 billion rupiahs ($58.8 million) on net sales of 6.8 trillion rupiahs ($825.7 million) for fiscal 2004 ended Dec. 31, 2004.

That compares to net profit of 498.6 billion rupiahs on net sales of 5.73 trillion rupiahs for fiscal 2003.

For 2004, Gajah Tunggal recorded quarterly totals (in rupiahs) as follows:

First quarter. Net income: 89.2 billion; net sales: 1.64 trillion.

Second quarter. Net loss: 112.8 billion; net sales: 1.74 trillion.

Third quarter. Net income: 286.6 billion; net sales: 1.86 trillion.

Fourth quarter. Net income: 215.2 billion; net sales: 1.56 trillion.

According to Asia Pulse, Gajah Tunggal's gross profit rose from 871.82 billion rupiahs in 2003 to 1.12 trillion rupiahs in 2004, an increase of 29%. Its current liabilities declined 34% to 1.3 trillion rupiahs.

Total assets dropped almost 50% to 6.3 trillion rupiahs "as a result of a sharp fall in current assets."

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