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Indo-Rama Synthetics swings to profit in Q3

PT Indo-Rama Synthetics Tbk said its normalized net income for the third quarter came to $1.2 million, compared with a loss of $4.6 million in the year-earlier period.

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

The normalized profit margin rose to 0.6% from negative 5.5% in the year-earlier period.

Total revenue rose 92.1% on an annual basis to $163.7 million from $85.2 million, and total operating expenses increased 85.4% from the prior-year period to $157.4 million from $84.9 million.

Reported net income came to $1.2 million, or 0 cents per share, compared to a loss of $7.6 million, or a loss of 1 cents per share, in the prior-year period.