PT FKS Multi Agro Tbk said its first-quarter normalized net income amounted to $1.2 million, a decline of 58.9% from $2.9 million in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to 0.5% from 1.0% in the year-earlier period.
Total revenue decreased 21.3% year over year to $238.4 million from $303.1 million, and total operating expenses declined 20.6% from the prior-year period to $236.2 million from $297.3 million.
Reported net income declined 55.5% year over year to $1.4 million, or 0 cents per share, from $3.2 million, or 1 cents per share.
