PT Asia Pacific Investama Tbk said its normalized net income for the first quarter was a loss of 10.03 rupiah per share, compared with a loss of 20.56 rupiah 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 14.71 billion rupiah, compared with a loss of 30.15 billion rupiah in the year-earlier period.

The normalized profit margin increased to negative 2.7% from negative 5.5% in the year-earlier period.

Total revenue came to 545.14 billion rupiah, compared with 543.79 billion rupiah in the prior-year period, and total operating expenses grew 9.6% from the prior-year period to 611.29 billion rupiah from 557.82 billion rupiah.

Reported net income came to a loss of 29.63 billion rupiah, or a loss of 20.20 rupiah per share, compared to a loss of 20.00 billion rupiah, or a loss of 13.63 rupiah per share, in the year-earlier period.

As of May 18, US$1 was equivalent to 13,167 rupiah.