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Hotel Sahid Jaya International swings to loss in Q1

PT Hotel Sahid Jaya International Tbk said its normalized net income for the first quarter was a loss of 3.15 rupiah per share, compared with 2.79 rupiah per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 3.53 billion rupiah, compared with income of 3.12 billion rupiah in the prior-year period.

The normalized profit margin declined to negative 12.1% from 7.4% in the year-earlier period.

Total revenue declined 30.3% year over year to 29.31 billion rupiah from 42.03 billion rupiah, and total operating expenses fell 6.4% on an annual basis to 35.11 billion rupiah from 37.51 billion rupiah.

Reported net income came to a loss of 5.93 billion rupiah, or a loss of 5.29 rupiah per share, compared to income of 3.10 billion rupiah, or 2.77 rupiah per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 12,935 rupiah.