Jakarta, CNBC Indonesia – Homeland textile giants threatened delisting or removed from the stock exchange trading board, PT Sri Rejeki Isman Tbk (SRIL) alias Sritex, reported a net loss of up to US$ 1.08 billion or equivalent to Rp. 15.66 trillion rupiah (assuming an exchange rate of Rp. 14,500/US$) throughout 2021. .
The loss figure has swelled from the original still recording a profit of US$ 85.32 million (Rp 1.24 trillion) in 2020.
One of the reasons for this fantastic loss was the company’s revenue, which fell to US$ 847.52 million, from the original US$ 1.28 billion.
Despite the decline in revenue, the company’s cost of goods sold actually increased significantly, even though the value was greater than operating income. Sritex’s cost of goods sold last year increased by 144% of revenue, from 82% of revenue in 2020.
Not only that, other financial burdens also ballooned. The company’s selling expenses rose by more than 100%, then general and administrative expenses rose by almost a third.
By the end of 2021, the company’s assets were recorded to have fallen by a third to US$1.23 billion from the original US$1.85 billion. Of this portion, US$ 589.32 million were current assets, with cash and cash equivalents shrinking significantly, remaining US$ 8.74 million from US$ 116.80 million.
The company’s liabilities were recorded at US$ 1.63 billion, which was almost entirely short-term liabilities with a value of US$ 1.58 billion. As a result, the company experienced a capital shortage of up to US$ 398.82 million by the end of December last year.
Most of the company’s liabilities are tied to short-term bank loans, which amount to US$ 608.92 million. The company’s largest creditors include Bank BCA, Bank HSBC Indonesia and Bank BJB.
In the 2021 financial report, SRIL stated that “on January 25, 2022, short-term bank loans were restructured as a result of the PKPU process. However, Citibank NA, Indonesia and PT Bank QNB Indonesia Tbk have appealed against the decision [tersebut].”
Currently, the trading of SRIL’s shares in foam has not continued, starting when the company defaulted on its short-term debts until it was suspended on the stock exchange for up to 12 months.
With this short-term debt default, SRIL had to face the Postponement of Debt Payment Obligations (PKPU).
Unmitigated PKPU processes faced in three different jurisdictions ranging from Indonesia, Singapore, to the United States (US).
CNBC INDONESIA RESEARCH TEAM
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