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Star Petrochem Q4 profit climbs 62.6% YOY

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Star Petrochem Q4 profit climbs 62.6% YOY

PT Star Petrochem Tbk said its fourth-quarter normalized net income came to 30 Indonesian sen per share, an increase of 62.6% from 18 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.44 billion rupiah, a gain of 62.6% from 884.4 million rupiah in the prior-year period.

The normalized profit margin climbed to 9.3% from 2.1% in the year-earlier period.

Total revenue fell 63.0% year over year to 15.40 billion rupiah from 41.67 billion rupiah, and total operating expenses decreased 59.3% on an annual basis to 13.02 billion rupiah from 32.01 billion rupiah.

Reported net income came to 168.1 million rupiah, or 4 sen per share, compared to a loss of 217.6 million rupiah, or a loss of 5 sen per share, in the year-earlier period.

For the year, the company's normalized net income totaled 73 sen per share, an increase from 30 sen per share in the prior year.

Normalized net income was 3.51 billion rupiah, a rise from 1.43 billion rupiah in the prior year.

Full-year total revenue fell 50.0% from the prior-year period to 129.48 billion rupiah from 258.97 billion rupiah, and total operating expenses declined 52.2% year over year to 104.46 billion rupiah from 218.36 billion rupiah.

The company said reported net income grew year over year to 269.8 million rupiah, or 6 sen per share, in the full year, from 83.4 million rupiah, or 2 sen per share.

As of March 31, US$1 was equivalent to 13,318 rupiah.