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Provident Agro swings to loss in Q1

PT Provident Agro Tbk said its first-quarter normalized net income amounted to a loss of 6.05 rupiah per share, compared with 8.22 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 43.04 billion rupiah, compared with income of 57.90 billion rupiah in the prior-year period.

The normalized profit margin dropped to negative 18.0% from 23.7% in the year-earlier period.

Total revenue decreased on an annual basis to 239.34 billion rupiah from 244.41 billion rupiah, and total operating expenses grew 14.6% year over year to 220.81 billion rupiah from 192.75 billion rupiah.

Reported net income came to a loss of 61.64 billion rupiah, or a loss of 8.66 rupiah per share, compared to income of 85.24 billion rupiah, or 12.11 rupiah per share, in the prior-year period.

As of April 27, US$1 was equivalent to 12,960 rupiah.