Wanderlust World Wanderlust World PT Tri Polyta Indonesia Tbk (IDX: TRIP), a polyester staple fiber and chips manufacturer, reported a challenging 2021 with declining revenues and profits despite asset growth.
| Metric (IDR Trillion) | 2020 | 2021 | Change |
|---|---|---|---|
| Revenue | 12.59 | 10.67 | -15.2% |
| Cost of Goods Sold | 8.33 | 7.48 | -10.2% |
| Operating Profit | 4.26 | 3.14 | -26.3% |
| Net Profit | 3.14 | 2.22 | -29.1% |
| Total Assets | 20.46 | 20.84 | +1.9% |
| Total Liabilities | 11.74 | 13.31 | +13.4% |
| Equity | 8.72 | 7.72 | -11.1% |
Average selling price (ASP) drop — polyester cycle downturn, oversupply from China capacity additions.
Sales volume increased — but couldn't offset price erosion.
Operating expenses rose — selling, general, administrative, and interest costs up.
Assets up: Cash/cash equivalents and inventory buildup.
Liabilities up: Long-term debt and trade payables increased — leveraging for working capital.
Equity down: Net loss reduced retained earnings.
Polyester cycle recovery, China's export policy, feedstock (PTA/MEG) costs, and IDR/USD stability will drive 2022+. TRIP's integration (PTA→polyester) provides some hedge. Monitor capacity utilization and debt service coverage.