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Malindo Feedmill swings to loss in Q1

PT Malindo Feedmill Tbk said its first-quarter normalized net income was a loss of 27.30 rupiah per share, compared with 27.49 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 48.90 billion rupiah, compared with income of 46.59 billion rupiah in the year-earlier period.

The normalized profit margin declined to negative 4.4% from 4.3% in the year-earlier period.

Total revenue grew year over year to 1.122 trillion rupiah from 1.084 trillion rupiah, and total operating expenses grew 9.7% on an annual basis to 1.116 trillion rupiah from 1.017 trillion rupiah.

Reported net income totaled a loss of 59.75 billion rupiah, or a loss of 33.36 rupiah per share, compared to income of 58.20 billion rupiah, or 34.34 rupiah per share, in the prior-year period.

As of April 30, US$1 was equivalent to 12,980 rupiah.