PT Eratex Djaja Tbk said its normalized net income for the first quarter came to $453,920, a fall of 12.5% from $518,590 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 2.6% from 3.2% in the year-earlier period.

Total revenue grew 6.4% on an annual basis to $17.2 million from $16.2 million, and total operating expenses climbed 7.9% on an annual basis to $16.3 million from $15.1 million.

Reported net income fell 28.5% year over year to $604,120, or 0 cents per share, from $844,560, or 0 cents per share.