The financial performance of PT Sri Rejeki Isman Tbk (SRIL) is slowly improving. Although still a loss, but the figure is shrinking. Based on financial reports, SRIL posted net sales of US$ 348.89 million in the first half of this year. This revenue decreased 33.69% compared to the same period the previous year, US$ 526.21 million. Along with the decline in sales, the cost of goods was cut. It decreased by 50.86% on an annual basis to US$ 355.9 million.

Unfortunately, the cost of goods sold in the first half of this year was actually higher than SRIL's net sales. As a result, this textile issuer recorded a gross loss of US$ 7 million even though this value was 96.47% smaller than the gross profit of the first semester of last year, US$ 198.11 million.

Selling expenses also increased to US$ 27.27 million from the previous US$ 16.68 million. General administrative expenses also increased 9.33 percent year-on-year to US$ 25.43 million.

SRIL no longer records allowance for impairment losses on receivables. Likewise with the allowance for impairment losses on inventories.

As a result, SRIL recorded an operating loss of US$ 58.63 million. This figure decreased by 93.09% compared to the same period the previous year, US$ 890.02 million.

The decline also caused SRIL's net loss to shrink by 93.2% on an annual basis to US$ 60.21 million. If we use the assumption of an exchange rate of Rp. 14,800 per US dollar, the net loss is equivalent to around Rp. 888 billion.