Textile issuer owned by conglomerate Iwan Loekminto, PT Sri Rejeki Isman Tbk. (SRIL) or Sritex posted a decline in sales and an increase in net loss throughout the first half of 2023. Based on SRIL's financial report, which was quoted on Tuesday, August 15, the company posted revenue of US$166.90 million or the equivalent of IDR 2.50 trillion (JISDOR exchange rate June 28, 2023 IDR 15,000). This achievement was eroded by 52.17 percent compared to the same period the previous year which was recorded at US$348.89 million.

The decrease in net sales was in line with the decrease in sales in 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 US$171.83 million.

Meanwhile, the local sales segment also eroded to US$85.67 million from US$177.06 million previously. Meanwhile, cost of goods also fell 44.29 percent to US$198.25 million or equivalent to Rp.2.97 trillion compared to the same period the previous year which was recorded at US$355.90 million.

Sritex also posted selling expenses of 11.83 million US dollars, general and administrative expenses of 14.71 million US dollars. Meanwhile, loss on foreign exchange was 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 US$78.03 million or the equivalent of Rp.1.17 trillion. This loss swelled compared to the same period the previous year which was recorded at US$61.14 million.

Textile issuer owned by conglomerate Iwan Loekminto, PT Sri Rejeki Isman Tbk. (SRIL) or Sritex posted a decline in sales and an increase in net loss throughout the first half of 2023.

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

The decrease in net sales was in line with the decrease in sales in 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 US$171.83 million.

Meanwhile, the local sales segment also eroded to US$85.67 million from US$177.06 million previously. Meanwhile, cost of goods also fell 44.29 percent to US$198.25 million or equivalent to Rp.2.97 trillion compared to the same period the previous year which was recorded at US$355.90 million.

Sritex also posted selling expenses of 11.83 million US dollars, general and administrative expenses of 14.71 million US dollars. Meanwhile, loss on foreign exchange was 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 US$78.03 million or the equivalent of Rp.1.17 trillion. This loss swelled compared to the same period the previous year which was recorded at US$61.14 million.

Meanwhile, total liabilities were recorded to have increased to US$1.56 billion, equivalent to Rp.23.49 trillion compared to the period ending December 2022 which was recorded at US$1.54 billion.

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

The equity deficit was also observed to increase from US$781.01 million to US$859.05 million. Meanwhile, total assets were recorded at 707.43 million US dollars.