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Budi Starch & Sweetener Q1 profit falls YOY

PT Budi Starch & Sweetener Tbk said its normalized net income for the first quarter amounted to 73 Indonesian sen per share, a decline of 88.1% from 6.14 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 2.98 billion rupiah, a decrease of 88.1% from 25.15 billion rupiah in the year-earlier period.

The normalized profit margin dropped to 0.6% from 4.0% in the year-earlier period.

Total revenue decreased 19.8% on an annual basis to 502.79 billion rupiah from 626.60 billion rupiah, and total operating expenses decreased 17.2% from the prior-year period to 478.87 billion rupiah from 578.41 billion rupiah.

Reported net income decreased 90.6% on an annual basis to 3.32 billion rupiah, or 81 sen per share, from 35.14 billion rupiah, or 8.57 rupiah per share.

As of April 30, US$1 was equivalent to 12,980 rupiah.