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Sunson Textile Sales Growth 4.9% PDF Print E-mail
Written by Maizer   
Friday, 25 October 2019

In the third quarter of 2019, PT Sunson Textile Manufacturer Tbk (SSTM) posted sales of Rp 317.98 billion, an increase of 4.9% compared to the same period last year which was Rp 303.14 billion. The information was conveyed by the company in its financial report in Jakarta.

 

Even though it managed to record sales growth, the net profit for the current year was corrected by 87.1% to Rp 1.94 billion from Rp 15.06 billion. The company's gross profit actually increased by 26.3% to Rp 33.14 billion from Rp 26.23 billion. Then operating profit jumped 374% to Rp 15.5 billion from Rp 3.27 billion. However, earnings before estimated income tax fell 88.5% to Rp 3.62 billion from Rp 31.61 billion.

 

The company also recorded other expenses of Rp 15.6 billion, while other expenses were net of Rp 11.8 billion. Meanwhile, the value of the company's assets as of 30 September 2019 reached Rp 512.7 billion, down 8.7% compared to 31 December 2018 which amounted to Rp 562.1 billion. For information, Sunson Textile Manufacturer is an integrated textile company based in Bandung which was founded in 1972. The company's business areas include the spinning, weaving and texturizing industries, with a main focus on spinning. The company's products, including yarns and woven fabrics made from 100% cotton, TC, CVC, TR and PE, and DTY polyester yarn.

 

In addition to marketing its products in the domestic market, the company also exports to countries in Asia, Europe, America and Africa. The company in the first half of 2019 recorded a negative performance. Based on financial statements as of June 30, 2019, the company posted net sales of Rp202.34 billion, down 10.03% compared to the same period the previous year which amounted to Rp.224.9 billion.

 

Sales came from export sales of Rp50.33 billion and domestic sales of Rp152 billion. Based on product type, the company's sales were mostly contributed by spinning products with a magnitude of Rp.181.32 billion, followed by weaving products of Rp2.32 billion, and other products of Rp.18.69 billion. Principal expenses also fell 15.02 percent to Rp178.16 billion, but recorded selling expenses rose to Rp5.51 billion.

 

From this achievement, the company pocketed a net profit for the current year of Rp1.96 billion in the first semester of 2019, dropping 84.6% from the same period last year which touched Rp12.71 billion. On the other hand, the company's assets dropped from position 31 December 2018 which was worth Rp562.17 billion to Rp537.5 billion. Meanwhile, liabilities and equity amounted to Rp320.29 billion and Rp217.2 billion, respectively.

 

The various industry sector indexes recorded the worst yields in the first 9 months of the year, falling 16.05%, with textile and garment industry shares contributing significantly to the decline. Of the 19 shares of textile and garment listed companies listed on the Indonesia Stock Exchange (BEI) in the period 2 January to 30 September 2019, there were 9 shares that carved a negative return. Some even dropped by more than 50%.

 

 

 

 
		
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