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Eagle High Q1 profit falls YOY

PT Eagle High Plantations Tbk said its normalized net income for the first quarter amounted to 19 Indonesian sen per share, a decrease of 93.5% from 2.90 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 5.96 billion rupiah, a decline of 92.9% from 83.55 billion rupiah in the prior-year period.

The normalized profit margin dropped to 0.8% from 16.3% in the year-earlier period.

Total revenue increased 43.2% year over year to 734.94 billion rupiah from 513.11 billion rupiah, and total operating expenses grew 72.6% on an annual basis to 643.62 billion rupiah from 372.94 billion rupiah.

Reported net income declined 92.9% year over year to 7.13 billion rupiah, or 23 sen per share, from 101.18 billion rupiah, or 3.51 rupiah per share.

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