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Goodyear Indonesia swings to profit in Q3

PT Goodyear Indonesia Tbk said its normalized net income for the third quarter amounted to $1.0 million, compared with a loss of $680,960 in the prior-year period.

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

The normalized profit margin rose to 2.8% from negative 2.1% in the year-earlier period.

Total revenue grew 13.8% on an annual basis to $36.6 million from $32.1 million, and total operating expenses increased on an annual basis to $34.6 million from $33.0 million.

Reported net income came to $1.2 million, or 0 cents per share, compared to a loss of $776,810, or a loss of 0 cents per share, in the prior-year period.