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Arthavest swings to loss in Q1

PT Arthavest Tbk said its normalized net income for the first quarter was a loss of 8 Indonesian sen per share, compared with 3.63 rupiah per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 36.8 million rupiah, compared with income of 1.62 billion rupiah in the year-earlier period.

The normalized profit margin dropped to negative 1.5% from 6.7% in the year-earlier period.

Total revenue decreased 37.6% on an annual basis to 15.09 billion rupiah from 24.17 billion rupiah, and total operating expenses fell 12.7% year over year to 16.66 billion rupiah from 19.09 billion rupiah.

Reported net income came to a loss of 449.6 million rupiah, or a loss of 1.01 rupiah per share, compared to income of 2.45 billion rupiah, or 5.49 rupiah per share, in the prior-year period.

As of April 30, US$1 was equivalent to 12,980 rupiah.