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Kencana Agri Q2 loss widens 97.7% YOY

Kencana Agri Ltd. said its second-quarter normalized net income came to a loss of $4.5 million, compared with a loss of $2.3 million in the prior-year period.

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

The normalized profit margin declined to negative 15.3% from negative 6.4% in the year-earlier period.

Total revenue declined 7.1% year over year to $33.0 million from $35.5 million, and total operating expenses climbed year over year to $35.6 million from $34.3 million.

Reported net income came to a loss of $6.7 million, or a loss of 2 cents per share, compared to a loss of $2.9 million, or a loss of 1 cents per share, in the prior-year period.