JAKARTA. Textile and garment issuer PT Ricky Putra Globalindo Tbk (RICY) is optimistic it can post an increase in sales in the second quarter of 2019 after a pressure in the previous quarter.
Based on the company's financial statement as of March 31, 2019 (unaudited), RICY recorded net sales of Rp 364.96 billion, down 30.45% year on year (yoy) from Rp 524.72 billion.
Despite the declining sales, the company managed to post net profit of Rp 6.42 billion in Q1, significantly higher than Rp 345.13 billion in the first quarter of 2018.
RICY Director Tirta Heru Citra explained that the suppressed sales in Q1 was due to the domestic market waiting for the conclusion of the general election in April. A number of export sales also faced delays in the next month, with the largest export sales coming from Asia (Rp 91.81 billion); followed by Europe (Rp 4.52 billion); and Africa, the Middle East, and Australia (Rp 2.72 billion).
Meanwhile, domestic sales contributed 72.86% oof the company's overall net sales. (AM/MS)