PT Multi Agro Gemilang Plantation Tbk said its normalized net income for the first quarter came to 22 Indonesian sen per share, compared with a loss of 78 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.84 billion rupiah, compared with a loss of 6.53 billion rupiah in the year-earlier period.

The normalized profit margin increased to 7.4% from negative 20.5% in the year-earlier period.

Total revenue fell 22.4% year over year to 24.67 billion rupiah from 31.80 billion rupiah, and total operating expenses fell 53.6% from the prior-year period to 18.32 billion rupiah from 39.51 billion rupiah.

Reported net income came to 3.13 billion rupiah, or 38 sen per share, compared to a loss of 10.91 billion rupiah, or a loss of 1.30 rupiah per share, in the prior-year period.

As of June 29, US$1 was equivalent to 13,332.50 rupiah.