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Global Palm Resources Q2 profit falls YOY

Global Palm Resources Holdings Ltd said its normalized net income for the second quarter amounted to 13.84 rupiah per share, a decrease of 80.2% from 69.84 rupiah per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.00 billion rupiah, a decline of 79.3% from 14.50 billion rupiah in the prior-year period.

The normalized profit margin declined to 3.8% from 15.0% in the year-earlier period.

Total revenue decreased 17.9% on an annual basis to 79.68 billion rupiah from 97.00 billion rupiah, and total operating expenses grew 6.3% year over year to 70.27 billion rupiah from 66.12 billion rupiah.

Reported net income decreased 80.3% on an annual basis to 3.03 billion rupiah, or 14.00 rupiah per share, from 15.37 billion rupiah, or 74.00 rupiah per share.

As of Aug. 14, US$1 was equivalent to 13,797 rupiah.