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London Sumatra Indonesia Q1 profit falls YOY

PT Perusahaan Perkebunan London Sumatra Indonesia Tbk said its normalized net income for the first quarter came to 17.78 rupiah per share, a decrease of 33.3% from 26.66 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 121.24 billion rupiah, a decrease of 33.3% from 181.85 billion rupiah in the year-earlier period.

The normalized profit margin dropped to 13.6% from 14.2% in the year-earlier period.

Total revenue fell 30.6% on an annual basis to 888.47 billion rupiah from 1.280 trillion rupiah, and total operating expenses fell 20.1% from the prior-year period to 737.17 billion rupiah from 922.58 billion rupiah.

Reported net income fell 32.3% on an annual basis to 153.04 billion rupiah, or 22.44 rupiah per share, from 226.01 billion rupiah, or 33.14 rupiah per share.

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