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Kencana Agri swings to loss in Q1

Kencana Agri Ltd. said its first-quarter normalized net income amounted to a loss of 2 cents per share, compared with 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $5.2 million, compared with income of $5.2 million in the prior-year period.

The normalized profit margin fell to negative 17.9% from 10.3% in the year-earlier period.

Total revenue fell 35.6% on an annual basis to $32.3 million from $50.1 million, and total operating expenses declined 28.1% on an annual basis to $29.3 million from $40.7 million.

Reported net income came to a loss of $7.0 million, or a loss of 2 cents per share, compared to income of $6.2 million, or 2 cents per share, in the prior-year period.