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Pioneerindo Gourmet International swings to loss in Q1

PT Pioneerindo Gourmet International Tbk said its normalized net income for the first quarter was a loss of 28.42 rupiah per share, compared with 3.48 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 6.27 billion rupiah, compared with income of 768.5 million rupiah in the prior-year period.

The normalized profit margin declined to negative 7.9% from 0.8% in the year-earlier period.

Total revenue fell 13.9% year over year to 79.16 billion rupiah from 91.94 billion rupiah, and total operating expenses declined year over year to 87.00 billion rupiah from 89.17 billion rupiah.

Reported net income increased 6.6% from the prior-year period to 1.09 billion rupiah, or 4.94 rupiah per share, from 1.02 billion rupiah, or 4.63 rupiah per share.

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