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Elang Mahkota Teknologi swings to loss in Q1

PT Elang Mahkota Teknologi Tbk said its first-quarter normalized net income came to a loss of 9.21 rupiah per share, compared with 59.63 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 a loss of 51.94 billion rupiah, compared with income of 336.33 billion rupiah in the year-earlier period.

The normalized profit margin dropped to negative 3.3% from 23.7% in the year-earlier period.

Total revenue rose 11.1% year over year to 1.576 trillion rupiah from 1.418 trillion rupiah, and total operating expenses climbed 7.8% from the prior-year period to 1.191 trillion rupiah from 1.105 trillion rupiah.

Reported net income came to a loss of 65.59 billion rupiah, or a loss of 11.63 rupiah per share, compared to income of 552.55 billion rupiah, or 97.97 rupiah per share, in the prior-year period.

As of April 29, US$1 was equivalent to 13,165 rupiah.