PT Perusahaan Perkebunan London Sumatra Indonesia Tbk said its normalized net income for the fourth quarter amounted to 19.69 rupiah per share, a decline of 30.0% from 28.12 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 134.27 billion rupiah, a decrease of 30.0% from 191.78 billion rupiah in the year-earlier period.
The normalized profit margin dropped to 11.5% from 15.9% in the year-earlier period.
Total revenue fell 7.4% year over year to 1.113 trillion rupiah from 1.202 trillion rupiah, and total operating expenses decreased from the prior-year period to 874.77 billion rupiah from 899.27 billion rupiah.
Reported net income declined 31.2% on an annual basis to 153.61 billion rupiah, or 22.52 rupiah per share, from 223.36 billion rupiah, or 32.75 rupiah per share.
For the year, the company's normalized net income totaled 75.87 rupiah per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 94.27 rupiah.
EPS declined 32.2% from 111.98 rupiah in the prior year.
Normalized net income was 517.43 billion rupiah, a fall of 32.2% from 763.73 billion rupiah in the prior year.
Full-year total revenue declined 11.4% from the prior-year period to 4.190 trillion rupiah from 4.727 trillion rupiah, and total operating expenses decreased on an annual basis to 3.411 trillion rupiah from 3.461 trillion rupiah.
The company said reported net income decreased 32.9% on an annual basis to 623.31 billion rupiah, or 91.40 rupiah per share, in the full year, from 929.41 billion rupiah, or 136.28 rupiah per share.
As of Feb. 26, US$1 was equivalent to 13,380 rupiah.