PT Multistrada Arah Sarana Tbk said its first-quarter normalized net income amounted to a loss of $1.2 million, compared with a loss of $1.6 million in the year-earlier period.

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

The normalized profit margin rose to negative 1.9% from negative 2.5% in the year-earlier period.

Total revenue declined 6.8% on an annual basis to $62.2 million from $66.7 million, and total operating expenses fell from the prior-year period to $63.4 million from $65.0 million.

Reported net income came to a loss of $1.3 million, or a loss of 0 cents per share, compared to a loss of $2.5 million, or a loss of 0 cents per share, in the year-earlier period.