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Argo Pantes Q3 loss widens 17.5% YOY

PT Argo Pantes Tbk said its normalized net income for the third quarter amounted to a loss of $2.6 million, compared with a loss of $2.3 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 negative 23.8% from negative 21.3% in the year-earlier period.

Total revenue climbed 5.4% on an annual basis to $11.1 million from $10.6 million, and total operating expenses rose 15.8% on an annual basis to $13.4 million from $11.6 million.

Reported net income came to a loss of $4.1 million, or a loss of 1 cents per share, compared to a loss of $2.6 million, or a loss of 1 cents per share, in the prior-year period.