One of Indonesia's largest pharmaceutical company PT Kalbe Farma Tbk (KLBF) has downsized 2010's sales target, following disposal of its subsidiary PT Kageo Igar Jaya Tbk (IGAR) to PT Kingsford Holdings at Rp185 per share.
Initially, Kalbe Farma set a 13%-15% sales growth target this year from the previous year. But, it has downsized the target to 12%-14%.
"We estimate that the sales growth might be downsized by 1% from the previous target," said Kalbe Farma Corporate Secretary Vidjongtius as reported by Kontan daily.
The company posted Rp9 trillion sales last year. Considering the target, Kalbe Farma is estimated to book Rp10 trillion-Rp11.26 trillion.
According to him, sales contribution from Kageo Igar was around 4% of Kalbe's consolidated revenue. "By disposing Kageo Igar, Kalbe is more focusing on core business, production, marketing, and distribution."
Kalbe Farma booked a 11.6% rise in net sales in the first half of this year to Rp4.7 trillion.
Disclosure: No position at the stock mentioned above.
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