PT Pan Brothers Tbk (PBRX) is still trying to maintain its business amidst the uncertainty that hit the textile and textile product (TPT) industry sector. For information, PBRX sales fell slightly by 1.15% year on year (YoY) to US$ 501.97 million per quarter III-2022. In the same period, net profit for the period attributable to owners of the parent entity PBRX fell 32.28% (YoY) to US$ 12.88 million. Pan Brothers Corporate Secretary Iswardeni said that the decline in PBRX sales was caused by product shipments that were delayed or shifted from the original schedule. Logistics or supply chain constraints also contributed to the slowdown in PBRX's performance until the third quarter.
"We are still targeting sales to be more or less the same as last year, because we are still constrained by the availability of working capital," he said, Thursday (11/17).
PBRX's management believes that the threat of a global recession in 2023 will not be a big problem for the company. Even if there are orders or customer orders that cannot be fulfilled, this is more due to constraints on the availability of working capital.
Therefore, it is hoped that the completion of the rights issue with a target of US$ 50 million will help provide working capital for PBRX. Currently, PBRX is still processing the implementation of the rights issue at the Financial Services Authority (OJK).
In previous news, it was said that PBRX would use the proceeds from the rights issue for working capital to support business development, including for the purchase of raw materials, production costs, operational costs, marketing costs, and others.
"Our sales target for next year really depends on the availability of working capital," he said.
Going forward, PBRX will focus more on maximizing existing factory production capacity through automation and digitalization.