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Tri Banyan Tirta swings to loss in Q1

PT Tri Banyan Tirta Tbk said its first-quarter normalized net income came to a loss of 1.11 rupiah per share, compared with 1.65 rupiah per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 2.43 billion rupiah, compared with income of 4.36 billion rupiah in the year-earlier period.

The normalized profit margin dropped to negative 3.4% from 5.0% in the year-earlier period.

Total revenue decreased 18.7% year over year to 70.98 billion rupiah from 87.26 billion rupiah, and total operating expenses declined 11.9% on an annual basis to 64.75 billion rupiah from 73.45 billion rupiah.

Reported net income totaled a loss of 3.98 billion rupiah, or a loss of 1.82 rupiah per share, compared to income of 5.13 billion rupiah, or 1.94 rupiah per share, in the prior-year period.

As of June 4, US$1 was equivalent to 13,292.50 rupiah.