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Tifico Fiber Indonesia swings to loss in Q3

PT Tifico Fiber Indonesia Tbk said its third-quarter normalized net income was a loss of $1.2 million, compared with income of $390,990 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 3.0% from 0.9% in the year-earlier period.

Total revenue decreased 6.1% year over year to $40.1 million from $42.7 million, and total operating expenses increased on an annual basis to $42.1 million from $41.6 million.

Reported net income totaled a loss of $2.1 million, or a loss of 0 cents per share, compared to income of $751,240, or 0 cents per share, in the year-earlier period.