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Jakarta Post

Sritex sees profit, revenue stagnate in Q1 despite health crisis

  • Yunindita Prasidya

    Jakarta

Jakarta   /   Sat, July 11 2020   /  01:00 am
Sritex workers carry out activities at the company's factory in Sukoharjo, Central Java.(JP/Nani Afrida)

Publicly listed textile company PT Sri Rejeki Isman (Sritex) saw its profit and revenue stagnate in the first quarter despite the health crisis, propped up by the sales of masks and protective suits. Sritex managed to book a slight increase in net profit to US$28.2 million in the first three months of the year, from $28 million in the same period last year. Its revenue stagnated at $316.6 million from January to March, a very small dive from $316.8 million in last year’s first quarter. “We tried to shift our products toward something that corresponds with the pandemic. We managed to produce masks fairly quickly,” Sritex president director Iwan Setiawan Lukminto said during a livestreamed public expose on Tuesday. The company began producing protective suits and masks in January. By the end of April, the company had produced over 45 million masks. It has been...