Sri Rejeki Isman or Sritex is at risk of delisting or being removed from the stock exchange. According to the Indonesia Stock Exchange (IDX), the issuer's shares have been suspended for 12 months and are likely to be extended to 24 months until 18 May 2023.

The Indonesian textile giant recorded a net loss of $38.97 million or around Rp569.19 billion in Q1/2022. According to the company's financial report on Thursday (June 2), Sritex's net loss fell by up to 94.74% from $742.28 million or around Rp10.76 trillion in the first quarter of 2021.

The company's revenue stood at only $181.35 million or around Rp2.6 trillion at the end of March 2022, down 51% from $376.66 million or around Rp5.4 trillion in the same period a year earlier.

However, the company's cost of goods sold fell quite significantly by 67% to $192.44 million in Q1/2022 from $595.71 million. As of the end of March 2022, income tax expense decreased to $1.09 million from $4.4 million.

Sritex's deficit increased to $438.72 million in the first three months of this year from $398.81 million at the end of December 2021.

The company's liabilities stagnated at $1.61 billion from the end of last year to the end of March 2022. However, most of the company's liabilities are tied to short-term bank loans which amounted to $608.92 million.

As of March 2022, the company's assets stood at $1.18 billion, down from $1.23 billion at the end of December 2021.