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Indo-Rama Synthetics Q1 profit falls YOY

PT Indo-Rama Synthetics Tbk said its first-quarter normalized net income was $585,630, a decrease of 32.4% from $865,830 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.1% from 0.5% in the year-earlier period.

Total revenue decreased 5.4% year over year to $168.7 million from $178.4 million, and total operating expenses decreased from the prior-year period to $163.7 million from $172.2 million.

Reported net income increased 50.6% from the prior-year period to $92,380, or 0 cents per share, from $61,330, or 0 cents per share.