Textile issuer, PT Trisula International Tbk. (TRIS) recorded a decrease in revenue in the first quarter of 2021 and its net profit also decreased. However, compared to the fourth quarter of 2020, the prospects for recovery are beginning to appear.
Based on unaudited financial reports as of March 31, 2021, the issuer coded TRIS recorded revenues of IDR 256.46 billion, down 25.45 percent compared to the first quarter of 2020 which amounted to IDR344.04 billion.
This decrease also had an impact on net income for the year which was attributable to the owners of the parent entity to only IDR1.27 billion, down 70.18 percent compared to the same quarter last year IDR4.26 billion.
President Director of Trisula International Santoso Widjojo explained that the company is currently in a transition period to recover from the Covid-19 pandemic.
"TRIS is optimistic that this improving economic condition can provide better performance in the future, where in the first quarter of 2021, TRIS received sales of Rp256.46 billion," he explained.
TRIS's performance in the first quarter of 2021 recorded sales of Rp256.46 billion, actually an increase of 2.7 percent from the fourth quarter of 2020. The contribution of TRIS sales in the first quarter of 2021 was almost equal, namely for local by 50.8 percent and for exports by 49.2 percent.
In the future, TRIS will continue to expand both the domestic and foreign markets so that it can provide better performance.
On the other hand, TRIS's financial burden showed a better condition compared to the same period in the previous year, which decreased by 28.2 percent. TRIS also has a strategy in this period of economic recovery through products that are manufactured and marketed.
The strategy includes increasing production flexibility by making products based on market needs through innovation in product development.
Then, TRIS also evaluates and improves employee competence, so that it can make a positive contribution to the Company's performance.
In addition, TRIS will develop a digital marketing platform and active marketing strategies on social media to increase brand awareness and value as a means of direct communication with customers, increase the speed of response to customers so as to improve customer service, and increase online sales.
TRIS continues to establish a work system that is integrated and synergized from each business process to optimize profit.
"We will continue to innovate to make quality products. In line with this, TRIS also sees various opportunities that exist in the long term, through this share buyback proposal plan which is expected to make TRIS's stock performance even better, along with TRIS's future performance, "said Santoso.
In terms of total liabilities, in the first quarter of 2021 compared to the full year 2020 there was a decline. Total liabilities to Rp404.37 billion from the position of Rp424.24 billion.
This decrease was driven by a decrease in total short-term and long-term liabilities. Total short-term liabilities became IDR345.86 billion from IDR362.12 billion, while total long-term liabilities were IDR58.5 billion, down from IDR62.11 billion.
From the equity side, there was a slight decrease to IDR644.61 billion from IDR644.69 billion. The company's total assets decreased slightly to IDR1.04 trillion from IDR1.06 trillion in the full year 2020. The decrease was due to the decrease in total current and non-current assets.
Total current assets in the first quarter of 2021 amounted to IDR670.81 billion from IDR684 billion, while total non-current assets became IDR378.17 billion compared to IDR384.93 billion at the end of 2020.
