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Star Petrochem Q1 profit climbs 13.9% YOY

PT Star Petrochem Tbk said its first-quarter normalized net income was 34 Indonesian sen per share, a gain of 13.9% from 30 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.65 billion rupiah, a gain of 13.9% from 1.45 billion rupiah in the year-earlier period.

The normalized profit margin climbed to 2.3% from 2.1% in the year-earlier period.

Total revenue grew year over year to 71.77 billion rupiah from 69.46 billion rupiah, and total operating expenses decreased 5.6% year over year to 59.53 billion rupiah from 63.09 billion rupiah.

Reported net income decreased 58.6% from the prior-year period to 444.5 million rupiah, or 9 sen per share, from 1.07 billion rupiah, or 22 sen per share.

As of April 29, US$1 was equivalent to 12,900 rupiah.