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Asia Pacific Fibers Q2 loss narrows YOY

PT Asia Pacific Fibers Tbk said its normalized net income for the second quarter was a loss of $1.0 million, compared with a loss of $3.7 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 climbed to negative 0.9% from negative 2.8% in the year-earlier period.

Total revenue decreased 13.7% on an annual basis to $113.3 million from $131.3 million, and total operating expenses fell 16.7% on an annual basis to $114.8 million from $137.8 million.

Reported net income came to $2.0 million, or 0 cents per share, compared to a loss of $5.2 million, or a loss of 0 cents per share, in the year-earlier period.