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Asia Pacific Fibers swings to profit in Q1

PT Asia Pacific Fibers Tbk said its first-quarter normalized net income amounted to $392,970, compared with a loss of $12.9 million in the year-earlier period.

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

The normalized profit margin climbed to 0.4% from negative 9.7% in the year-earlier period.

Total revenue fell 21.7% on an annual basis to $103.6 million from $132.3 million, and total operating expenses fell 23.6% from the prior-year period to $107.5 million from $140.6 million.

Reported net income totaled a loss of $529,020, or a loss of 0 cents per share, compared to a loss of $20.0 million, or a loss of 1 cents per share, in the year-earlier period.