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Global Palm Resources Q4 profit falls YOY

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Global Palm Resources Q4 profit falls YOY

Global Palm Resources Holdings Ltd said its fourth-quarter normalized net income was 37.23 rupiah per share, a decline of 63.3% from 101.35 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 7.58 billion rupiah, a decline of 63.5% from 20.79 billion rupiah in the prior-year period.

The normalized profit margin fell to negative 4.8% from 15.4% in the year-earlier period.

Total revenue decreased 43.5% year over year to 76.46 billion rupiah from 135.28 billion rupiah, and total operating expenses declined 23.4% year over year to 85.26 billion rupiah from 111.34 billion rupiah.

Reported net income totaled a loss of 118.92 billion rupiah, or a loss of 584.18 rupiah per share, compared to income of 4.92 billion rupiah, or 24.00 rupiah per share, in the prior-year period.

For the year, the company's normalized net income totaled 115.64 rupiah per share, a fall of 68.0% from 361.64 rupiah per share in the prior year.

Normalized net income was 23.59 billion rupiah, a fall of 68.3% from 74.37 billion rupiah in the prior year.

Full-year total revenue fell 24.9% year over year to 321.56 billion rupiah from 428.26 billion rupiah, and total operating expenses decreased 5.9% year over year to 302.54 billion rupiah from 321.62 billion rupiah.

The company said reported net income totaled a loss of 96.66 billion rupiah, or a loss of 473.76 rupiah per share, in the full year, compared with income of 71.97 billion rupiah, or 350.00 rupiah per share, the prior year.

As of April 8, US$1 was equivalent to 13,110 rupiah.