JAKARTA. PT Kino Indonesia Tbk (KINO) plans to hold back on expansion this year in order to focus on existing products.
According to KINO CFO Budi Muljono, by holding back on expansion the company will only need to budget Rp 200 billion-250 billion in capital expenditure (capex). In 2020, the company budgeted Rp 350 billion in capex.
The capex, he said, will be sourced from the company's internal cash and bank loans, and will be allocated for machinery refreshing.
Mr Muljono added that the weak market condition amid the coronavirus (COVID-19) pandemic has encouraged KINO to focus on existing products. "We will focus on our existing products, and any new product will only complement existing variants," he said as quoted from Kontan.co.id. (AM/MS)