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Sunson Textile swings to loss in Q1

PT Sunson Textile Manufacturer Tbk said its first-quarter normalized net income was a loss of 5.07 rupiah per share, compared with 1.37 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 5.94 billion rupiah, compared with income of 1.61 billion rupiah in the prior-year period.

The normalized profit margin declined to negative 4.7% from 1.1% in the year-earlier period.

Total revenue declined 12.5% on an annual basis to 126.65 billion rupiah from 144.76 billion rupiah, and total operating expenses decreased 18.0% on an annual basis to 121.66 billion rupiah from 148.32 billion rupiah.

Reported net income came to a loss of 7.23 billion rupiah, or a loss of 6.17 rupiah per share, compared to income of 540.9 million rupiah, or 46 sen per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 12,935 rupiah.