JAKARTA (Yosefardi) – Pharmaceutical firm PT Kalbe Farma Tbk (KLBF) cuts its capital expenditure (capex) by 23% to Rp900 billion – Rp1 trillion for this year, from initial Rp1.1-1.3 trillion.
KLBF finance director Vidjongtius said the cut of capex is due to the delay of some projects including biosimilar factory establishment in Cikarang, West Java, which costs Rp300 billion.
The company has spent capex of Rp300-400 billion in the first half of this year, mainly used to fund its expansion of new factory and existing factories.
KLBF targets revenue to grow by 7-9% this year. It booked revenue of Rp4.24 trillion in the first quarter of this year, grew by 4.43% from Rp4.06 trillion in the same period of last year.