PT Multistrada Arah Sarana Tbk said its normalized net income for the first quarter was a loss of $1.6 million, compared with income of $2.0 million in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin declined to negative 2.5% from 2.6% in the year-earlier period.
Total revenue fell 8.6% year over year to $67.3 million from $73.6 million, and total operating expenses decreased 9.4% year over year to $65.9 million from $72.7 million.
Reported net income totaled a loss of $2.5 million, or a loss of 0 cents per share, compared to income of $2.5 million, or 0 cents per share, in the prior-year period.
