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View all search resultsTextile maker Sritex booked $59.36 million in net profit last year
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Sritex workers carry out activities at the company's factory in Sukoharjo, Surakarta, in Central Java. (JP/Nani Afrida)
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ublicly listed textile manufacturer PT Sri Rejeki Isman (SRIL), known as Sritex, booked 6.6 percent growth in its net profit to US$59.36 million last year.
The firm also saw a 7.7 percent annual increase to $679.94 million in sales, according to its financial report published on the Indonesia Stock Exchange (IDX) website on Tuesday.
The rise in sales mainly came from its thread, fabric and ready-to-wear clothes segments, which climbed 6.3 percent, 3.4 percent and 28.5 percent year-on-year (yoy), respectively, Sritex president director Iwan Setiawan said in an official statement.
Sritex targeted sales growth of between 5 percent and 8 percent last year. "[The achievement] proves that our strategies could anticipate both domestic and global situations," he said.
Sritex also focused on selling high value-added products, such as ready-to-wear fabric and clothes, in 2016. The segment’s contribution to the firm's sales increased to 52 percent last year from 48 percent in the previous year.
Going forward, it aims to increase its exports contribution to 56 percent of its total sales from 52 percent in 2016 and 50 percent in 2015.
"We will develop new export markets by expanding our global customer portfolio," Iwan said.
Its product diversification program currently involves the development of bags, tents, integrated personal protection sets, and chemical, biological, radiation and nuclear (CBRN) attire, among other things. (tas)
