Trisula International posts 14.36% net profit drop in first semester
JAKARTA - PT Trisula International Tbk (TRIS) posted a net profit drop of 14.36% year on year (yoy) to Rp 10.51 billion in the first half (1H) of 2020.
In addition, the company's revenue in the period also contracted by 11.56% yoy to Rp 63.5 billion due to rising cost of goods sold during the ongoing coronavirus (COVID-19) pandemic.
"The COVID-19 pandemic poses such a challenge and we need to prepare several strategies. We expect synergies with our subsidiaries to improve our performance," TRIS CEO Santoso Widjojo said in an official statement received by IDNFinancials.com, Tuesday (4/8).
During the pandemic, TRIS has diversified its business by producing personal protective equipment (PPE) including hazmat suits and non-medical masks. The company also plans to increase PPE sales to its export markets such as Australia, the UK, and the US.
"The expansion of our export markets is expected to increase the contribution of export sales [to TRIS's revenue], which amounted to 51% or Rp 324.2 billion in the first half of 2020," Mr Widjojo remarked.
Currently TRIS is trying to expand its export markets through two of its subsidiaries, PT Trisco Tailored Apparel Manufacturing and PT Trimas Sarana Garment Industry. In addition to the three aforementioned countries, the company is also aiming to enter the Singaporean market. (MS)