PT Argo Pantes Tbk said its first-quarter normalized net income came to a loss of $2.7 million, compared with a loss of $5.1 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 declined to negative 21.0% from negative 17.5% in the year-earlier period.

Total revenue decreased 56.0% year over year to $12.9 million from $29.3 million, and total operating expenses declined 50.1% from the prior-year period to $16.2 million from $32.5 million.

Reported net income came to a loss of $3.3 million, or a loss of 1 cents per share, compared to a loss of $6.1 million, or a loss of 2 cents per share, in the prior-year period.