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Net profits of textile company Sritex increase by 7.8 percent in Q1
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Sritex workers work at the company's factory in Sukoharjo, Surakarta, Central Java. (JP/Nani Afrida)
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ublicly listed textile manufacturer PT Sri Rejeki Isman (Sritex) saw its first quarter net profits grow by 7.8 percent year-on-year (yoy) to US$17.7 million in 2017.
The main factor in this growth was a 6.8 percent yoy increase in sales to $180.2 million compared to the $168.7 million recorded in the same period last year.
The increase was mostly generated by sales of ready-to-wear clothes, which grew by 150.3 percent yoy.
(Read also: Textile maker Sritex raises $150m from global bonds issuance)
"We recorded $180.2 million in sales in the first quarter of 2017,” president director Iwan Setiawan Lukminto said in a press statement on Wednesday.
The contribution of exports to sales figures reached 53 percent in the first quarter compared to 49 percent in the same period last year.
The company targets exports to constitute 56 percent of total sales by the end of 2017. To do this, the firm will try and expand production capacity.
"As our production capacity increased in 2017, we target exports to contribute 56 percent to total sales. We will also develop new export markets by adding more global customers," Iwan said.
For 2017, Iwan has set a growth target of 8 percent to 12 percent. (bbn)
