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Kencana Agri Q3 loss narrows YOY

Kencana Agri Ltd. said its normalized net income for the third quarter amounted to a loss of 1 cents per share, compared with a loss of 4 cents 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 $4.2 million, compared with a loss of $12.4 million in the prior-year period.

The normalized profit margin increased to negative 15.3% from negative 40.8% in the year-earlier period.

Total revenue decreased 9.7% on an annual basis to $27.6 million from $30.5 million, and total operating expenses declined 6.9% on an annual basis to $28.8 million from $30.9 million.

Reported net income came to a loss of $5.9 million, or a loss of 2 cents per share, compared to a loss of $16.5 million, or a loss of 6 cents per share, in the prior-year period.