Exports to the US increased, sales of Sritex (SRIL) grew 17.16%
KONTAN.CO.ID – JAKARTA. Textile and garment producer PT Sri Rejeki Isman Tbk (SRIL) aka Sritex posted annual sales growth of 17.16% to US $ 895.08 million per quarter III-2019. In the same period the previous year, SRIL sales only reached US $ 763.95 million.
In detail, export sales grew 31.71% year on year (yoy) to US $ 534.54 million, from US $ 405.86 million. The export value which contributed 59.72% to the total sales was mostly from yarn sales, followed by apparel, finished cloth, then raw cloth.
The biggest increase in export sales occurred in the United States and Latin America, which was 191.39% yoy to US $ 72.67 million. For information, as of September 2019, SRIL’s export sales covered the Asian region by 60.5%, Europe 15.2%, the United States and Latin America 13.6%, the United Arab Emirates and Africa 10.5%, and Australia 0, 3%.
Meanwhile, SRIL’s local sales only grew 0.68% on an annual basis, from US $ 358.09 million to US $ 360.53 million. The biggest local sales are still from the sale of yarn, then fabric, apparel, then raw fabrics.
Along with sales growth, SRIL’s cost of goods sold also increased by 14.59% yoy, from US $ 624.45 million to US $ 715.54 million. As a result, SRIL recorded gross profit of US $ 179.53 million, up 28.69% yoy from US $ 139.5 million.
The company also posted an increase in operating profit of 10.37% on an annual basis to US $ 141.55 million. The reason is, there was a decrease in selling expenses and losses from the SRIL exchange rate difference as of September 2019.
On the other hand, there was an increase in general and administrative expenses, a decrease in other operating income, and no negative goodwill as in the same period in 2018.
As a result, SRIL only recorded a net profit growth of 2.45% yoy to US $ 72.22 million from US $ 70.49 million.
The SRIL assets per September 2019 increased 6.52% compared to December 2018 to US $ 1.45 billion. This is in line with SRIL’s liabilities which rose 2.6% year to date (ytd) to US $ 87.04 million and equity which rose 12.96% to US $ 583.13 million.