PT Wilmar Cahaya Indonesia Tbk. said its first-quarter normalized net income came to 34.09 rupiah per share, a decline of 55.1% from 75.90 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 20.28 billion rupiah, a decrease of 55.1% from 45.16 billion rupiah in the prior-year period.

The normalized profit margin dropped to 2.3% from 4.4% in the year-earlier period.

Total revenue fell 14.0% on an annual basis to 875.48 billion rupiah from 1.018 trillion rupiah, and total operating expenses decreased 14.2% year over year to 819.21 billion rupiah from 954.57 billion rupiah.

Reported net income decreased 55.2% from the prior-year period to 24.34 billion rupiah, or 40.91 rupiah per share, from 54.36 billion rupiah, or 91.36 rupiah per share.

As of May 27, US$1 was equivalent to 13,205 rupiah.