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Sritex Posts Rp2.87 Trillion in Losses in 2023, Lays Off 3,000 Workers

Erlina Fury Santika 26/06/2024 17:24 WIB

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PT Sri Rejeki Isman Tbk, also known as Sritex, reported a US$173.80 million loss (Rp2.85 trillion) in 2023 and has now acknowledged laying off 3,000 workers in 2024.

Net Sales and Losses* of PT Sri Rejeki Isman/Sritex (2022-2023)**

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Sritex Posts Rp2.87 Trillion in Losses in 2023, Lays Off 3,000 Workers

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Net Sales and Losses* of PT Sri Rejeki Isman/Sritex (2022-2023)**

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The textile manufacturing company PT Sri Rejeki Isman Tbk, or Sritex, has conducted layoffs (PHK) affecting 3,000 of its workers up to the first half of 2024. The remaining workforce for the company with the stock code SRIL is now 10,000.

According to *Katadata*, Sritex's Finance Director, Welly Salam, stated that the company has not ruled out further layoffs. This situation could impact the entire textile industry by the end of the year.

"The decision regarding layoffs in the textile industry will depend on the policies issued by the government in the near future," said Welly in a public presentation on Tuesday (25/6/2024).

He argued that layoffs were a necessary step to prevent further disruption to the company. He believes that layoffs must be carried out appropriately and not viewed as taboo.

Sritex has experienced significant losses for at least the past two years. According to the company's financial reports, the net loss attributable to the parent entity reached US$174.84 million in 2023, or Rp2.87 trillion (assuming an exchange rate of Rp16,436 per US$).

This loss is actually down from 2022, when it reached US$395.56 million or Rp6.5 trillion.

The company's net sales were recorded at Rp325.08 million or Rp5.34 trillion in 2023. This represents a significant decrease of 38.02% year-on-year (yoy) compared to US$524.56 million or Rp8.62 trillion in 2022.

SRIL's total assets in 2023 reached US$648.98 million (Rp10.66 trillion), down 15.11% (yoy) from US$764.55 million (Rp12.56 trillion) in 2022. Sritex is recorded as having liabilities or debts of US$1.60 billion or Rp26.36 trillion.

Here's a breakdown of Sritex's net sales and net losses in 2022-2023:

Net Sales
* 2022 US$524,565,291 (Rp8,622,174,775,108)
* 2023 US$325,081,656 (Rp5,343,302,163,340)

Net Loss
* 2022 -US$395,563,161 (-Rp6,501,792,564,724)
* 2023 -US$174,840,395 (-Rp2,873,816,604,536)

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."