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The storm approached the textile and textile products (TPT) industry sector. Starting from the weakening of the rupiah, the decline in market demand that led to layoffs. Research & Consulting Manager Infovesta Utama, Nicodimus Kristiantoro explained that the prospect of textile issuers will still be constrained by the depreciation of the rupiah. Considering that the majority of TPT issuers still import raw materials. "The quiet export market has also resulted in a decline in the sales value of textile issuers. As happened to PBRX issuers and other textile issuers," he explained, Monday (7/11).

Looking at the company's financial statements, PT Pan Brothers Tbk (PBRX) recorded a decline in sales. As of September 2022, PBRX pocketed sales of US$ 501.96 million, down 1.15% on an annual basis aka year on year (YoY).

Sales decline also occurred at PT Panasia Indo Resources Tbk (HDTX) from Rp. 8.95 billion at the end of September 2021, to Rp. 5.90 billion at the end of September 2021. This value decreased by 34.12% on an annual basis.

However, not all textile issuers have the same fate as PBRX and HDTX. For example, PT Ever Shine Tex Tbk (ESTI) recorded sales growth of 4.37% yoy to US$ 22.67 million.

The increase in sales also occurred at PT Indo-Rama Synthetics Tbk (INDR) by 18.44% yoy to US$ 756.50 million. Sales of PT Asia Pacific Fibers Tbk (POLY) also increased 19.63 percent to US$ 316.14 million.

Head of Research NH Korindo Sekuritas Liza Camelia assessed that the difficulties in the textile sector came from the dependence on transactions using US dollars. The reason is, the use of local currency is one way to reduce dependence on the US dollar.

"In this textile industry, most players have more transactions using US dollars. So it is difficult for textile players to reduce their dependence on US dollars," said Liza.

Although the top line has increased, the net profit of these textile issuers is still depressed. Of the six issuers that have released their performance up to the third quarter of 2022, ESTI's net profit fell the most by 96.46% to US$ 34.98 thousand.

Then followed by PT Sunson Textile Manufacture Tbk (SSTM) whose net profit fell 92.62% on an annual basis to Rp 4.97 billion. PBRX's net profit also fell by 32.29% to US$ 12.87 million.