JAKARTA. PT Industri Jamu and Farmasi Sido Muncul Tbk (SIDO) has postponed its plan to expand exports to Myanmar, Cambodia, Vietnam, Saudi Arabia and Ghana this year.
The decision will have an impact on the company's export sales, which fell by more than 50% YoY in Q1 2020.
"Expansion of export market will not be done with the current condition," said Finance Director of SIDO, Leonard, as quoted from Kontan.co.id on Tuesday (21/4).
With the slow export, SIDO will try to boost sales in the domestic market by maintaining product availability in the market. In addition, SIDO will also launch new products and cut its capital expenditure (CapEx) budget from Rp 180 billion to Rp 135 - 140 billion. (AM/AR)