JAKARTA - Shareholders of PT Eratex Djaja Tbk (ERTX), a garment and textile company, decided to allocate 90% of its net profit as retained earnings. The retained earnings will be used to expand the company's foreign markets and also for product development.
Based on the disclosure of company information, shareholders decided not to distribute dividends from the company's net profit from the 2018 fiscal year. The company's shareholders decided to use US$ 1.06 million, 10% of the company's net profit, as reserve fund, and the rest of the company's net profit will be used as retained earnings.
In 2019, the company aims to generate US$ 1.27 million in net profit.
In 2018, Eratex Djaja generated sales revenue of US$ 76 million, 6% higher than its record in 2017, mainly due to increased production capacity and fixed prices. (LK/AR)