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Primarindo Asia Infrastructure swings to loss in Q4

PT Primarindo Asia Infrastructure Tbk. said its normalized net income for the fourth quarter came to a loss of 6.20 rupiah per share, compared with 36.17 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 3.77 billion rupiah, compared with income of 6.22 billion rupiah in the prior-year period.

The normalized profit margin declined to negative 9.7% from 14.4% in the year-earlier period.

Total revenue declined 10.2% on an annual basis to 38.90 billion rupiah from 43.30 billion rupiah, and total operating expenses fell 6.7% year over year to 39.27 billion rupiah from 42.10 billion rupiah.

Reported net income fell 52.3% from the prior-year period to 3.54 billion rupiah, or 5.81 rupiah per share, from 7.41 billion rupiah, or 43.05 rupiah per share.

For the year, the company's normalized net income totaled 23.99 rupiah per share, a gain from 1.44 rupiah per share in the prior year.

Normalized net income was 14.59 billion rupiah, a gain from 247.0 million rupiah in the prior year.

Full-year total revenue decreased 22.6% year over year to 172.11 billion rupiah from 222.36 billion rupiah, and total operating expenses declined 23.4% on an annual basis to 153.52 billion rupiah from 200.53 billion rupiah.

The company said reported net income totaled 17.41 billion rupiah, or 28.63 rupiah per share, in the full year, compared with a loss of 771.4 million rupiah, or a loss of 4.48 rupiah per share, the prior year.

As of March 31, US$1 was equivalent to 13,318 rupiah.