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Tunas Ridean Q1 profit falls YOY

PT Tunas Ridean Tbk said its normalized net income for the first quarter was 9.68 rupiah per share, a decline of 8.9% from 10.63 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 54.02 billion rupiah, a decrease of 8.9% from 59.32 billion rupiah in the year-earlier period.

The normalized profit margin climbed to 2.2% from 2.1% in the year-earlier period.

Total revenue decreased 12.3% on an annual basis to 2.479 trillion rupiah from 2.827 trillion rupiah, and total operating expenses declined 12.8% year over year to 2.435 trillion rupiah from 2.794 trillion rupiah.

Reported net income fell 5.1% year over year to 74.16 billion rupiah, or 13.29 rupiah per share, from 78.11 billion rupiah, or 14.00 rupiah per share.

As of April 29, US$1 was equivalent to 12,900 rupiah.