JAKARTA - PT Panca Budi Idaman Tbk (PBID) plans to boost the sales of plastic derivative products to improve revenue and market share amid the coronavirus (COVID-19) pandemic, said Corporate Secretary Lukman Hakim in a stock exchange filing published on Wednesday (27/5).
Currently the company produces and sells polyethlyline (PE), plypropylene (PP), and high density polyethylene (HDPE) plastic bags as well as heavy duty sacks. Sales from plastic bags and plastic seed contributed Rp 2.58 trillion and Rp 1.80 trillion respectively to the company's revenue.
Plastic derivative products produced by PBID include rice papers, food boxes, plastic cups, recycled resins, shrink packaging, woven straws, rubber bands, and raffia strings, which contributed Rp 247.35 billion to the company's total revenue of Rp 4.63 billion in 2019.
According to Mr Hakim, large-scale social restrictions imposed to tackle COVID-19 will lower the company's Q1 revenue and profit to less than 25% of its revenue and profit in Q1-2019. Until the end of the year, the company's revenue is projected to be less than 25% of the same period last year. (LK/MS)