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Panasia Indo Resources swings to loss in Q1

PT Panasia Indo Resources Tbk said its normalized net income for the first quarter came to a loss of 49.49 rupiah per share, compared with 20.55 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 a loss of 75.84 billion rupiah, compared with income of 31.49 billion rupiah in the year-earlier period.

The normalized profit margin dropped to negative 29.5% from 9.4% in the year-earlier period.

Total revenue decreased 22.9% on an annual basis to 257.31 billion rupiah from 333.59 billion rupiah, and total operating expenses decreased 20.2% year over year to 284.75 billion rupiah from 356.84 billion rupiah.

Reported net income totaled a loss of 95.09 billion rupiah, or a loss of 62.05 rupiah per share, compared to income of 35.99 billion rupiah, or 23.48 rupiah per share, in the year-earlier period.

As of April 30, US$1 was equivalent to 12,980 rupiah.