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Sawit Sumbermas Q2 profit falls YOY

PT Sawit Sumbermas Sarana Tbk. said its second-quarter normalized net income amounted to 9.13 rupiah per share, a decrease of 43.0% from 16.02 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 86.97 billion rupiah, a decline of 43.0% from 152.60 billion rupiah in the prior-year period.

The normalized profit margin declined to 14.7% from 21.5% in the year-earlier period.

Total revenue decreased 13.4% year over year to 614.49 billion rupiah from 709.77 billion rupiah, and total operating expenses decreased 17.5% from the prior-year period to 370.79 billion rupiah from 449.29 billion rupiah.

Reported net income declined 12.7% from the prior-year period to 170.53 billion rupiah, or 17.90 rupiah per share, from 195.25 billion rupiah, or 20.50 rupiah per share.

As of July 28, US$1 was equivalent to 13,435 rupiah.