Jakarta, CNBC Indonesia – Drinking water supplier PT Tri Banyan Tirta, Tbk (ALTO) has opened its voice regarding the closure of its subsidiary’s factory, which is PT Tirtamas Lestari. The Total 8+ drinking water company has stopped factory work due to the deteriorating financial situation.
The closure of the Tirtamas Lestari factory took place after the withdrawal of one of its main manufacturing customers, namely the Danone Group. However, the company still has two active factories, namely factories in Cileungsi and Temanggung.
ALTO’s Corporate Secretary, Huda Nardono, said that this step was taken to maintain the company’s cash flow so that they could continue working. However, it is understood that the closure of this factory has had a significant impact on the company’s income and liquidity.
“To address this, the Company is currently seeking to collaborate with investors to re-operate closed factories to improve the Company’s revenue performance and liquidity,” Huda said in a statement. IDX information, which was announced on Sunday (3/11/2024).
Based on financial reports, ALTO recorded revenue from December 2023 of IDR 286.65 billion, but in mid-2024, revenue dropped significantly to IDR 44.37 billion. Revenue for the first semester of 2024 fell 70% compared to the same period last year which reached IDR 150 billion.
On the other hand, ALTO also recorded an increase in losses from IDR 6 billion in semester I-2023 to IDR 11 billion in semester I-2024.
Before that, ALTO was also involved in several legal cases. One of them is the case number PKPU 239/Pdt. Sus-PKPU/2024/PN Niaga Jkt. Pst, which was proposed by Demitri Tjandra but withdrawn by the applicant. Meanwhile, PT Tirtamas Lestari is also facing a lawsuit from PT Surindo Teguh Gemilang with a bill of IDR 3.46 billion.
(phys/wur)
2024-11-03 14:00:00
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