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Argo Pantes Q1 loss narrows YOY

PT Argo Pantes Tbk said its first-quarter normalized net income came to a loss of $2.2 million, compared with a loss of $2.7 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 30.6% from negative 21.0% in the year-earlier period.

Total revenue fell 13.8% year over year to $11.1 million from $12.9 million, and total operating expenses declined 17.0% year over year to $13.5 million from $16.2 million.

Reported net income came to a loss of $2.6 million, or a loss of 1 cents per share, compared to a loss of $3.3 million, or a loss of 1 cents per share, in the prior-year period.