GT Radial Tire Manufacturer Whose 5.16 Percent Stake Is Owned By Veteran Investor Lo Kheng Hong Loses IDR 63.88 Billion, Even Though Raised Sales Of IDR 8.29 Trillion

JAKARTA - PT Gajah Tunggal Tbk is in a loss position in six months of this year. The value of the loss is IDR 63.88 billion.

Citing the company's financial report as of June 30, 2022, which was released on Monday, July 25, the sales performance of the GT Radial tire manufacturer, which is 5.16 percent owned by veteran investor Lo Kheng Hong, is still growing.

In this period, Gajah Tunggal earned net sales of IDR 8.29 trillion, up 14.19 percent from the same period in 2021 of IDR 7.26 trillion.

However, the company's cost of goods sold also increased from IDR 6.07 trillion to IDR 7.17 trillion.

In addition, several load posts also increased. Starting from selling expenses of IDR 436.09 billion from IDR 381.24 billion.

Then, general and administrative expenses were IDR 310.76 billion from IDR 318.3 billion. Including the net loss of associates and joint ventures of IDR 52.51 billion from the previous profit of IDR 12.84 billion.

As a result, Gajah Tunggal has suffered a loss before tax of IDR 41.43 billion from the previous profit of IDR 142.15 billion.

This condition was further depressed by the tax burden of IDR 26.13 billion.

With these several financial posts, Gajah Tunggal closed its financial statements for the first semester of 2022 with a loss of IDR 63.88 billion from the previous profit of IDR 98.17 billion.