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Tunas Ridean Q4 profit climbs 48.4% YOY

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Tunas Ridean Q4 profit climbs 48.4% YOY

PT Tunas Ridean Tbk said its normalized net income for the fourth quarter amounted to 12.91 rupiah per share, a gain of 48.4% from 8.70 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 72.03 billion rupiah, a gain of 48.4% from 48.54 billion rupiah in the year-earlier period.

The normalized profit margin climbed to 2.8% from 1.8% in the year-earlier period.

Total revenue declined on an annual basis to 2.634 trillion rupiah from 2.663 trillion rupiah, and total operating expenses decreased on an annual basis to 2.574 trillion rupiah from 2.629 trillion rupiah.

Reported net income grew 39.3% year over year to 92.39 billion rupiah, or 16.56 rupiah per share, from 66.32 billion rupiah, or 11.89 rupiah per share.

For the year, the company's normalized net income totaled 38.11 rupiah per share, a gain of 14.5% from 33.29 rupiah per share in the prior year.

Normalized net income was 212.66 billion rupiah, a gain of 14.5% from 185.73 billion rupiah in the prior year.

Full-year total revenue fell 7.9% on an annual basis to 10.157 trillion rupiah from 11.027 trillion rupiah, and total operating expenses declined 8.5% year over year to 10.015 trillion rupiah from 10.940 trillion rupiah.

The company said reported net income rose 15.0% on an annual basis to 291.14 billion rupiah, or 52.18 rupiah per share, in the full year, from 253.14 billion rupiah, or 45.37 rupiah per share.

As of Feb. 29, US$1 was equivalent to 13,365 rupiah.