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Primarindo Asia Infrastructure swings to loss in Q1

PT Primarindo Asia Infrastructure Tbk. said its normalized net income for the first quarter came to a loss of 7.42 rupiah per share, compared with 56.67 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 1.28 billion rupiah, compared with income of 9.75 billion rupiah in the year-earlier period.

The normalized profit margin dropped to negative 2.5% from 13.1% in the year-earlier period.

Total revenue declined 32.3% on an annual basis to 50.40 billion rupiah from 74.44 billion rupiah, and total operating expenses fell 37.4% on an annual basis to 42.35 billion rupiah from 67.63 billion rupiah.

Reported net income came to a loss of 2.57 billion rupiah, or a loss of 14.97 rupiah per share, compared to income of 11.77 billion rupiah, or 68.45 rupiah per share, in the prior-year period.

As of May 4, US$1 was equivalent to 13,015 rupiah.