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Goodyear Indonesia swings to profit in Q1

PT Goodyear Indonesia Tbk said its first-quarter normalized net income came to $494,710, compared with a loss of $208,060 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 1.2% from negative 0.5% in the year-earlier period.

Total revenue declined on an annual basis to $40.6 million from $41.8 million, and total operating expenses decreased 6.5% on an annual basis to $39.1 million from $41.8 million.

Reported net income came to $629,340, or 0 cents per share, compared to a loss of $205,860, or a loss of 0 cents per share, in the year-earlier period.