JAKARTA. PT Chandra Asri Petrochemical Tbk (TPIA) plans to allocate a capital expenditure (capex) of US$ 65 million this year for plant operations.
TPIA Finance Director Andre Khor said that his party must guarantee that the plant can operate fully so that the company can continue to enjoy the increase in margins as a continuation of last year. "Of course there is a little spending to fund the Chandra Asri Perkasa (CAP) II project," said Andre in a media conference call on Thursday (4/3/2021).
According to Andre, the amount of the capex is likely to increase depending on the current conditions which are still in a pandemic situation. Meanwhile, TPIA's capex last year absorbed US$ 113.9 million. That number dropped 70.4% compared to the realization of the 2019 capex of US$ 385.2 million.
Suryandi, Director of Human Resources and Corporate Affairs as well as Corporate Secretary added that last year's capex spending was delayed due to unfavorable market conditions driven to the Covid-19 pandemic. (AM/LM)