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Kencana Agri swings to profit in Q1

Kencana Agri Ltd. said its normalized net income for the first quarter was $356,250, compared with a loss of $5.8 million in the year-earlier period.

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

The normalized profit margin climbed to 1.2% from negative 17.9% in the year-earlier period.

Total revenue decreased 10.7% on an annual basis to $28.8 million from $32.3 million, and total operating expenses decreased on an annual basis to $29.6 million from $30.2 million.

Reported net income came to $768,000, or 0 cents per share, compared to a loss of $7.9 million, or a loss of 3 cents per share, in the prior-year period.