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Midi Utama Indonesia Q1 profit climbs 21.9% YOY

PT Midi Utama Indonesia Tbk said its first-quarter normalized net income amounted to 1.94 rupiah per share, a gain of 21.9% from 1.59 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 5.59 billion rupiah, an increase of 21.9% from 4.58 billion rupiah in the year-earlier period.

The normalized profit margin rose to 0.4% from 0.4% in the year-earlier period.

Total revenue grew 19.1% on an annual basis to 1.524 trillion rupiah from 1.279 trillion rupiah, and total operating expenses increased 18.6% from the prior-year period to 1.485 trillion rupiah from 1.252 trillion rupiah.

Reported net income grew 23.4% from the prior-year period to 9.01 billion rupiah, or 3.13 rupiah per share, from 7.30 billion rupiah, or 2.53 rupiah per share.

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