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Panasia Indo is looking for a strategic partner to avoid bankruptcy

08 August 2019 10:57

JAKARTA - PT Panasia Indo Resources Tbk (HDTX) is looking for a strategic partner to maintain the viability of its business amidst a continuous decline in its performance.

In the first semester of 2019, the company obtained Rp 1.34 billion in operating revenue, way lower than its record in the first semester of 2018 Rp 200.63 billion. In that period, HDTX still recorded a loss of Rp18.74 billion, lower than its loss of the first semester of 2018 of Rp 184.62 billion.

As is well known, the company's factory operation is only using 16.7% of its total production capacity.

Aside from looking for a strategic partner, the company also plans to diversify its business by pioneering textile products. (ARM/AR)

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