PT Indonesian Paradise Property Tbk said its normalized net income for the first quarter amounted to 40 Indonesian sen per share, a decrease of 51.0% from 82 sen per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.03 billion rupiah, a decrease of 50.2% from 2.07 billion rupiah in the year-earlier period.
The normalized profit margin declined to 0.8% from 1.7% in the year-earlier period.
Total revenue rose on an annual basis to 123.44 billion rupiah from 119.68 billion rupiah, and total operating expenses grew year over year to 90.21 billion rupiah from 87.12 billion rupiah.
Reported net income decreased 32.4% on an annual basis to 3.31 billion rupiah, or 1.29 rupiah per share, from 4.89 billion rupiah, or 1.94 rupiah per share.
As of April 30, US$1 was equivalent to 12,980 rupiah.
