PT Provident Agro Tbk said its fourth-quarter normalized net income was 17 Indonesian sen per share, compared with a loss of 2.21 rupiah per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.20 billion rupiah, compared with a loss of 15.74 billion rupiah in the year-earlier period.
The normalized profit margin climbed to 0.5% from negative 6.1% in the year-earlier period.
Total revenue fell 15.2% year over year to 217.37 billion rupiah from 256.36 billion rupiah, and total operating expenses fell 19.8% from the prior-year period to 188.56 billion rupiah from 234.99 billion rupiah.
Reported net income came to 4.85 billion rupiah, or 68 sen per share, compared to a loss of 17.38 billion rupiah, or a loss of 2.44 rupiah per share, in the prior-year period.
For the year, the company's normalized net income totaled a loss of 4.59 rupiah per share, compared with 7.33 rupiah per share in the prior year.
Normalized net income was a loss of 32.67 billion rupiah, compared with income of 51.86 billion rupiah in the prior year.
Full-year total revenue declined year over year to 1.047 trillion rupiah from 1.058 trillion rupiah, and total operating expenses rose on an annual basis to 844.43 billion rupiah from 824.11 billion rupiah.
The company said reported net income came to a loss of 55.21 billion rupiah, or a loss of 7.75 rupiah per share, in the full year, compared with income of 168.11 billion rupiah, or 23.74 rupiah per share, the prior year.
As of March 28, US$1 was equivalent to 13,330 rupiah.