Gadjah Tunggal to pay dividends<\/p>\n
JAKARTA (JP): PT Gadjah Tunggal, a publicly-listed holding
\ncompany in tire manufacturing, will distribute cash dividends of
\nRp 100 per share and a bonus share for each existing stock.<\/p>\n
After annual and extraordinary meetings of shareholders
\nyesterday, the company said in a statement that the dividends and
\nbonus shares will be given to those listed as shareholders on
\nAug. 10.<\/p>\n
As the company's recorded shares total 396 million, the
\ncompany will pay Rp 39.6 billion for cash dividends, or 43.87
\npercent of its net profits.<\/p>\n
According to its financial reports, the company's net profit
\nincreased by 94 percent to Rp 90 billion last year from Rp 47
\nbillion in 1993.<\/p>\n
Mulyati Gozali, the company's financial director, noted that
\nthe profit increase mainly resulted from the high rise in last
\nyear's sales of its products, including tires for motorcycles and
\ncars as well as tire fabrics and cords.<\/p>\n
The company recorded total sales of Rp 487 billion last year,
\nup 34 percent from Rp 365 billion in 1993. Of last year's total
\nsales revenues, 79 percent was collected from domestic sales and
\nthe rest from exports.<\/p>\n
The largest contributor to last year's revenues was the sales
\nof standard car tires, which delivered Rp 296 billion or 61
\npercent of total revenues, followed by motorcycle tires with Rp
\n96 billion, radial tires Rp 51 billion and Rp 44 billion from
\ntire cords.<\/p>\n
Established in 1951, Gadjah Tunggal in 1991 acquired PT
\nAndayani Megah which produces tire fabrics, and last year it
\nestablished PT Filamendo Sakti, in joint venture with HICOM
\nBerhad of Malaysia, to produce cording for tires.<\/p>\n
The company floated 20 million common shares on the Surabaya
\nand Jakarta stock exchanges in March 1991. Last year, the company
\nissued 198 million rights shares.<\/p>\n
Mulyati said the funds from rights issue were used to finance
\nthe expansion of its radial-tire production facilities, which
\nneeded a total investment of Rp 850 billion. She added that as of
\nlast December, the expansion project absorbed a total of Rp 271.8
\nbillion.<\/p>\n
\"After the completion of the expansion project, our annual
\nproduction capacity will increase five times to 30,000 radial
\ntires from the current level of 6,000,\" Mulyati said. (rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/gadjah-tunggal-to-pay-dividends-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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