JAKARTA. The increased financial expenses took up 77.18% of net profit of PT Pan Brothers Tbk (PBRX) in 2022, lowering it from USD 16.14 million to USD 3.68 million.

Based on the financial report of this textile company, its 2022 sales clocked up to USD 690 million, equivalent to IDR 10.29 trillion, using JISDOR rate of IDR 14,913 per USD. The revenue climbed 0.09% year-on-year (yoy) higher from USD 689.44 in 2021. Out of this amount, export contributed USD 653.6 million, slightly growing from USD 629.3 million in 2021. On the contrary, local sales dropped 38.87% from USD 60.51 million in 2021 to USD 26.99 million in 2022.

PBRX also recorded 26.14% yoy increment in its financial expenses, shifting from USD 18.31 million to USD 23.09 million. In the end, it resulted in 77.18% yoy decrease from USD 16.14 million to USD 3.68 million or equivalent to IDR 54.9 billion.

Until the end of 2022, PBRX’s assets rose to USD 724.6 million from USD 696.62 million in 2021, while its liabilities shrank from USD 405.41 million to USD 383.62 million. Its equity was recorded at USD 341.01 million in 2022, a shy increase from USD 291.21 million in 2021. (AM/ZH)