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Indospring Q1 profit falls YOY

PT Indospring Tbk said its first-quarter normalized net income amounted to 3.45 rupiah per share, a decrease of 93.3% from 51.44 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 2.27 billion rupiah, a decrease of 93.3% from 33.76 billion rupiah in the year-earlier period.

The normalized profit margin declined to 0.5% from 7.3% in the year-earlier period.

Total revenue fell 7.3% on an annual basis to 425.92 billion rupiah from 459.59 billion rupiah, and total operating expenses rose year over year to 413.53 billion rupiah from 404.73 billion rupiah.

Reported net income decreased 93.9% on an annual basis to 2.56 billion rupiah, or 3.91 rupiah per share, from 41.71 billion rupiah, or 63.56 rupiah per share.

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