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Economy in brief: Malindo to spend $50 million in 2017
Publicly listed poultry feed producer PT Malindo Feedmill will allocate up to US$50 million in capital expenditure (capex) this year to build a new factory and other production facilities
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ublicly listed poultry feed producer PT Malindo Feedmill will allocate up to US$50 million in capital expenditure (capex) this year to build a new factory and other production facilities.
The company’s finance director, Rudy Hartono, said in Jakarta on Tuesday that the new production facilities would include a corn drying machine, a silo for poultry feed production and poultry farms.
“We expect a strong recovery in the industry. Therefore, we’re making plans to expand our business by investing in poultry feed production and farming,” Rudy said at the Indonesia Stock Exchange (IDX).
Rudy hopes the new facilities will support the company’s target of boosting poultry feed production by between 5 percent and 15 percent and sales by between 10 percent and 15 percent this year.
According to the company’s unaudited financial statements, Malindo booked net profits of Rp 233.46 billion ($17.5 million) during the January-September period last year, a rebound from a net loss of Rp 70.72 billion during the corresponding period in 2015.
