PT Argo Pantes Tbk said its normalized net income for the second quarter amounted to a loss of $2.6 million, compared with a loss of $4.6 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 rose to negative 9.7% from negative 41.6% in the year-earlier period.

Total revenue grew 24.7% on an annual basis to $13.9 million from $11.1 million, and total operating expenses fell year over year to $16.1 million from $16.8 million.

Reported net income totaled a loss of $4.5 million, or a loss of 1 cents per share, compared to a loss of $5.6 million, or a loss of 2 cents per share, in the year-earlier period.