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Jakarta International Hotels swings to profit in Q1

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Jakarta International Hotels swings to profit in Q1

PT Jakarta International Hotels & Development Tbk said its first-quarter normalized net income amounted to 10.72 rupiah per share, compared with a loss of 16.58 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 24.96 billion rupiah, compared with a loss of 38.61 billion rupiah in the year-earlier period.

The normalized profit margin climbed to 7.5% from negative 11.8% in the year-earlier period.

Total revenue increased year over year to 332.61 billion rupiah from 328.39 billion rupiah, and total operating expenses grew 6.3% year over year to 302.90 billion rupiah from 284.97 billion rupiah.

Reported net income totaled 23.95 billion rupiah, or 10.28 rupiah per share, compared to a loss of 66.47 billion rupiah, or a loss of 28.54 rupiah per share, in the prior-year period.

As of April 30, US$1 was equivalent to 12,980 rupiah.