Textile issuer PT Sri Rejeki Isman Tbk or Sritex (SRIL) recorded a decline in financial performance in the first semester of 2023. Global macroeconomic conditions are considered to still have an impact on the company's sales, especially from the export segment. SRIL Main Director Iwan Kurniawan Lukminto said sales of export products were cut by 53 percent to reach USD 81.2 million. The decline occurred in Asia, Europe, the United States and Latin America. "This was caused by deteriorating macroeconomic conditions due to rising interest rates, and geopolitical conditions due to the ongoing war between Russia and Ukraine," said Iwan, Tuesday (15/8/2023).

Overall, SRIL's sales also contracted 52.16 percent yoy to USD 166.90 million, targeting all segments ranging from spinning, weaving, fabric finishing to convection.

Iwan emphasized that his party is still focused on boosting performance by carrying out business development, especially strengthening digitalization to increase market penetration. Efficiency efforts are also pursued in order to be gradual in the competitive textile and garment market.

Director of Finance and Corporate Secretary of SRIL, Welly Salam, added that the company is conducting a review of the first half of this year's performance.

"It is hoped that with a review of our performance, the company can increase its business and record profits," he explained.

For the record, SRIL posted a loss of USD 78.72 million in the first half of 2023. This amount is equivalent to IDR 1.18 trillion (reporting date exchange rate of IDR 15,026 per 1 USD). Realized SRIL losses swelled by 30.75 percent year-on-year (yoy) compared to losses in the same period in 2022 of USD 60.21 million.

As a result, SRIL's basic loss per share has grown to USD 0.0038 per share, from the previous USD 0.0029 per share, as presented in Monday's financial report (14/8/2023).