Gajah Tunggal uses US$40m capex in 1H16
Gajah Tunggal (GJTL) used US$40m capex in 1H16 for the maintenance of machines. This amount accounts for 50% of its capex allocation of US$80m this year . Currently, the company produces 600 radial truck tires per day, and this number is expected to increase to 1,200 radial truck tires by end-16 and increase further to 2,200 tires in 2017. In 1H16, the company booked Rp6.9t in revenue, up 12.2% yoy from Rp6.1t in 1H15. 1H16 net income came in at Rp534b vs a net loss of Rp351b in 1H15.