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Eratex Djaja obtains a loan facility worth US$ 5 million

02 April 2019 11:36

JAKARTA - PT Eratex Djaja Tbk (ERTX) obtained a loan facility worth US$ 5 million from an affiliated company, PT Ungaran Sari Garment (USG). The loan facility will be used as working capital to increase the company's production capacity.

As cited from the company's disclosure of information, the management stated that by obtaining the loan, the company would start to operate the factory that helps increase the company's production capacity in April 2019. The company wants to increase its production capacity to expand its market, increase its sales and obtain an outstanding profit.

The loan facility from USG is considered more flexible, faster, and cheaper compared to loans from other financial institutions. Moreover, all of the company's assets were used as collateral for banks. In 2018, the company's current liabilities was recorded at US$ 29.90 million and its current assets were recorded at US$ 30.154 million. Its total equity was recorded at US$ 19.01 million.

In 2018, PT Ungaran Sari Garment's current liabilities was recorded at US$ 59.50 million, while its current assets were recorded at US$ 97.73 million. In the third quarter of 2018, the company recorded a sales revenue of US$ 173.13 million, a gross profit of US$ 28.22 million, and a net profit of US$ 6.96 million. (LK/AR)

 

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