Global Palm Resources Holdings Ltd said its normalized net income for the first quarter was 42.81 rupiah per share, a decrease of 58.9% from 104.19 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 8.91 billion rupiah, a decrease of 58.7% from 21.55 billion rupiah in the year-earlier period.
The normalized profit margin declined to 10.0% from 22.9% in the year-earlier period.
Total revenue declined 5.7% year over year to 88.73 billion rupiah from 94.09 billion rupiah, and total operating expenses rose 8.1% from the prior-year period to 73.36 billion rupiah from 67.84 billion rupiah.
Reported net income fell 57.1% on an annual basis to 12.07 billion rupiah, or 58.00 rupiah per share, from 28.13 billion rupiah, or 136.00 rupiah per share.
As of May 13, US$1 was equivalent to 13,100 rupiah.
