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Pan Brothers Q1 profit falls YOY

PT Pan Brothers Tbk said its normalized net income for the first quarter came to $584,930, a fall of 88.1% from $4.9 million in the prior-year period.

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

The normalized profit margin dropped to 0.8% from 7.7% in the year-earlier period.

Total revenue rose 18.4% on an annual basis to $75.8 million from $64.0 million, and total operating expenses increased 17.5% from the prior-year period to $73.1 million from $62.2 million.

Reported net income declined 91.1% on an annual basis to $681,020, or 0 cents per share, from $7.6 million, or 0 cents per share.