Sritex, Textile Company Owned By Conglomerate Iwan Lukminto Loses IDR 1.17 Trillion In Semester I 2023

Photo: Doc. Sritex

JAKARTA - Textile issuer owned by conglomerate Iwan Loekminto, PT Sri Rejeki Isman Tbk. (SRIL) or Sritex posted a decline in sales and swelling of net losses during the first semester of 2023.

Based on SRIL's financial report, quoted on Tuesday, August 15, the company posted revenues of 166.90 million US dollars or equivalent to Rp. 2.50 trillion (exchange rate on June 28, 2023, Rp. 15,000). This achievement was eroded by 52.17 percent compared to the same period the previous year which was recorded at 348.89 million US dollars.

The decline in net sales was in line with the decline in sales of the local and export segments. In more detail, export sales were recorded at US$81.26 million, down compared to the same period last year of 171.83 million US dollars.

Meanwhile, the local sales segment was also eroded to US$85.67 million from the previous US$177.06 million. Meanwhile, the cost of principal also fell 44.29 percent to US$198.25 million or equivalent to Rp2.97 trillion compared to the same period the previous year which was recorded at US$355.90 million.

Sritex also posted a selling expenses of 11.83 million US dollars, general and administrative expenses of 14.71 million US dollars. Meanwhile, foreign exchange losses were recorded at 16.17 million US dollars and financial expenses were recorded at 7.70 million US dollars.

Then the net loss attributable to owners of the parent entity also rose 27.63 percent to 78.03 million US dollars or equivalent to Rp1.17 trillion. The loss swelled compared to the same period the previous year which was recorded at 61.14 million US dollars.

Meanwhile, total liabilities recorded an increase to USD 1.56 billion, equivalent to IDR 23.49 trillion compared to the period ended in December 2022 which was recorded at USD 1.54 billion.

The details are that short-term liabilities were recorded at 110.88 million US dollars. Meanwhile, long-term liabilities were recorded at 1.45 billion US dollars.

The equity deficit was also observed to have increased from USD 781.01 million to USD 859.05 million. Meanwhile, total assets were recorded at USD 707.43 million.