JAKARTA - PT Inocycle Technology Group Tbk (INOV) posted a net profit increase of 425% year on year (yoy) to Rp 24.4 billion in the third quarter of 2019. The company’s revenue in the period also grew 28% yoy to Rp 380 billion.
The largest contribution to the company’s revenue came from recycled polyester staple fibre (re-PSF) products with 79.2%, followed by non-woven products with 15.6%, household furniture with 4.8%, and others with 0.4%.
According to INOV President Director Jaehyuk Choi, the company’s revenue growth was supported by its efforts to market re-PSF products amid global economic slowdown.
“Going forward, we will focus on increasing our production capacity to anticipate rising demand. We will build washing facilities in several Indonesian cities,” said Mr Choi in a press release received by IDNFinancials.com, Thursday (31/10).
“In addition, the development of washing facilities is expected to improve our supply chain processes and reduce the company’s logistics cost so that increasing raw material needs can be managed more efficiently.” (MS)