PT Indo Kordsa Tbk said its first-quarter normalized net income came to $2.3 million, a decline of 42.3% from $4.0 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 declined to 4.6% from 8.2% in the year-earlier period.
Total revenue increased year over year to $50.0 million from $48.3 million, and total operating expenses increased 5.0% on an annual basis to $44.1 million from $42.0 million.
Reported net income declined 44.4% from the prior-year period to $2.6 million, or 1 cents per share, from $4.7 million, or 1 cents per share.
