Publicly listed pharmaceutical company PT Pyridam Farma announced Monday it plans to spend about Rp 7 billion (US$753,900) this year to upgrade its facility in Cianjur, West Java.<\/p>\n
Corporate secretary Ryan Arvin said Monday up to Rp 5 billion would be spent on developing the factory's water system and up to Rp 2 billion improving other facilities.<\/p>\n
The company plans to maximize its internal cash flow to finance the upgrades, which led to the decision not to provide dividends from last year to shareholders.<\/p>\n
In the first quarter of this year, the company saw a 35.59 percent increase in net sales to Rp 28.6 billion from the same period last year.<\/p>\n
However, net profit dropped 45.05 percent to Rp 738 million due to increases in sales costs and material prices.<\/p>\n
Ryan said the company is lowering its revenue growth expectation to 12 percent for the year, helped by 10 new products set to be launched this year.<\/p>\n
Besides preparing to launch new drugs, the company also plans to begin exporting to the Philippines this year.<\/p>\n
\"Currently, we're only exporting drugs to Hong Kong but we will soon start exporting drugs to the Philippines,\" Ryan said.<\/p>\n
The company allocates 1 percent of its total production output for exports.<\/p>\n
Last year, the company's factory in Cianjur produced among others, 253 million pills, 50.6 million capsules, and 633,000 tubes of ointment. (rff)<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/pyridam-to-invest-rp-7b-for-plants-infrastructure-1211428327", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }