PT Tiga Pilar Sejahtera Food Tbk said its normalized net income for the first quarter came to 28.69 rupiah per share, an increase of 16.3% from 24.68 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 92.34 billion rupiah, an increase of 27.9% from 72.21 billion rupiah in the year-earlier period.
The normalized profit margin dropped to 5.8% from 6.3% in the year-earlier period.
Total revenue increased 38.9% on an annual basis to 1.602 trillion rupiah from 1.153 trillion rupiah, and total operating expenses grew 43.8% year over year to 1.408 trillion rupiah from 979.70 billion rupiah.
Reported net income increased 26.4% on an annual basis to 123.97 billion rupiah, or 38.52 rupiah per share, from 98.07 billion rupiah, or 33.52 rupiah per share.
As of May 21, US$1 was equivalent to 13,136 rupiah.