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Sierad Produce swings to loss in Q1

PT Sierad Produce Tbk said its normalized net income for the first quarter was a loss of 44.13 rupiah per share, compared with 1.19 rupiah per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 87.04 billion rupiah, compared with income of 1.12 billion rupiah in the year-earlier period.

The normalized profit margin fell to negative 18.0% from 0.2% in the year-earlier period.

Total revenue decreased 26.2% on an annual basis to 484.52 billion rupiah from 656.66 billion rupiah, and total operating expenses declined from the prior-year period to 594.21 billion rupiah from 617.67 billion rupiah.

Reported net income came to a loss of 114.25 billion rupiah, or a loss of 57.93 rupiah per share, compared to income of 666.1 million rupiah, or 71 sen per share, in the prior-year period.

As of July 23, US$1 was equivalent to 13,422 rupiah.