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Multi Agro Gemilang Plantation swings to profit in Q1

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.