PT Golden Plantation Tbk said its normalized net income for the first quarter amounted to 11 Indonesian sen per share, a decline of 96.7% from 3.48 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 419.8 million rupiah, a decline of 92.0% from 5.24 billion rupiah in the year-earlier period.
The normalized profit margin fell to 1.2% from 16.1% in the year-earlier period.
Total revenue rose 5.5% on an annual basis to 34.31 billion rupiah from 32.52 billion rupiah, and total operating expenses grew 12.6% from the prior-year period to 34.06 billion rupiah from 30.25 billion rupiah.
Reported net income decreased 82.5% on an annual basis to 1.47 billion rupiah, or 40 sen per share, from 8.38 billion rupiah, or 5.57 rupiah per share.
As of May 21, US$1 was equivalent to 13,136 rupiah.