Textile issuer, PT Sri Rejeki Isman Tbk. (SRIL) or Sritex recorded a net loss of US$ 395.56 million, equivalent to Rp. 6.16 trillion (Jisdor exchange rate of Rp. 15,592 per US dollar) in 2022. This amount was 63.18 percent lower than the 2021 loss of US$ 1.07 billion . Based on the audited financial statements as of December 31, 2022, quoted on Wednesday (19/4/2023), this SRIL-coded issuer recorded sales of US$ 524.52 million, equivalent to IDR 8.17 trillion, down 38.11 percent compared to 2021 which posted US sales. $ 847.52 million, equivalent to Rp. 13.21 trillion.

The decline in sales was also accompanied by a decrease in cost of goods sold. The company's cost of goods sold fell 35.01 percent to US$791.08 million from US$1.21 billion in 2021. As a result, the company recorded a gross loss in 2022 of US$266.52 million, down from a gross loss in 2021 of US$369. 74 million.

Meanwhile, selling expenses for SRIL rose 9.5 percent to US$43.22 million in 2022, while general and administrative expenses fell 14.94 percent to US$39.23 million. SRIL was also able to reduce the allowance for impairment losses on inventories by US$1.08 million from the previous year of US$475.48 million.

Commissioner Sritex (SRIL) in the Company's Textile Kingdom also managed to reduce losses on write-offs of fixed assets to nil from the previous US$212,025, and losses on impairment of fixed assets to nil from the previous US$85.06 million in 2021.

In this way, SRIL was able to reduce losses from operations to US$274.81 million as of December 31, 2022, from previously US$1.06 billion in 2021. Thus, SRIL was able to cut the current year's loss attributable to owners of the parent entity to US$395. 56 million or IDR 6.16 trillion at the end of 2022, from a loss of US$ 1.07 billion at the end of 2021.

Meanwhile, SRIL's total assets decreased by 38 percent to US$764.55 million in 2022 compared to US$1.23 billion in 2021. SRIL's total liabilities fell 4.79 percent throughout 2022 from US$1.62 billion to US$1.54 billion in 2021. Thus, SRIL recorded negative equity or capital deficiency of US$781.01 million per 2022 from negative equity of US$389.44 million in 2021.