JAKARTA – PT Sri Rejeki Isman Tbk (SRIL), a garment and textile manufacturer, detected losses in its operational machine utilised capacity since facing the claim of suspension of debt payment obligation (lit. Penundaan Kewajiban Pembayaran Utang/PKPU) filed by its two creditors.
Welly Salam, Corporate Secretary of Sri Rejeki Isman, confirmed that the machine installed capacity prior to the PKPU case was at 80%. “While facing this PKPU process, the utilised capacity fell to 40%-45%,” he further revealed in the information disclosure quoted Friday (18/2).
However, the company managed to meet the operational needs, even amidst the PKPU process. “The company’s strategy in improving its financial condition is to boost sales and control costs,” he said.
Two creditors of SRIL, PT QNB Indonesia and PT Citibank Indonesia, are known to have filed an appeal over PKPU homologation in Semarang District Court last week (7/2). Until now, SRIL also has yet to disclose its 2021 Financial Report.
In 2020, SRIL recorded the mill segment having contributed 40.82% of total sales of USD 1.26 billion. Then, the convection segment followed with 27.07%, above the textile finishing segment of 26.29%, and the weaving segment of 5.82%.
The production of the mill segment amounted to 1,082,798 bales, 3.7% higher than the 2019 production of 1,044,001 bales. Meanwhile, the weaving segment generated 172,590,304 metres, 4.21% more than 165,619,087 metres in 2019. The textile finishing segment produced 217,952,330 yards, increasing 5.43% from 206,723,060 yards, while the convection segment manufactured 36,395,492 pieces, shifting 9.70% from 33,176,362 pieces of production. (LK/ZH)