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Fortune Indonesia Q1 loss widens 55.9% YOY

PT Fortune Indonesia Tbk said its first-quarter normalized net income amounted to a loss of 8.80 rupiah per share, compared with a loss of 5.65 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 4.10 billion rupiah, compared with a loss of 2.63 billion rupiah in the year-earlier period.

The normalized profit margin fell to negative 5.3% from negative 3.0% in the year-earlier period.

Total revenue fell 12.4% year over year to 77.21 billion rupiah from 88.17 billion rupiah, and total operating expenses declined 9.8% on an annual basis to 83.23 billion rupiah from 92.28 billion rupiah.

Reported net income totaled a loss of 6.54 billion rupiah, or a loss of 14.05 rupiah per share, compared to a loss of 4.19 billion rupiah, or a loss of 9.01 rupiah per share, in the prior-year period.

As of April 29, US$1 was equivalent to 13,165 rupiah.