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Gajah Tunggal swings to loss in Q1

PT. Gajah Tunggal Tbk said its first-quarter normalized net income amounted to a loss of 63.69 rupiah per share, compared with 84.46 rupiah per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 221.93 billion rupiah, compared with income of 294.32 billion rupiah in the prior-year period.

The normalized profit margin declined to negative 7.2% from 9.2% in the year-earlier period.

Total revenue fell year over year to 3.075 trillion rupiah from 3.200 trillion rupiah, and total operating expenses declined year over year to 2.891 trillion rupiah from 2.926 trillion rupiah.

Reported net income came to a loss of 290.22 billion rupiah, or a loss of 83.28 rupiah per share, compared to income of 340.13 billion rupiah, or 97.61 rupiah per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 13,100 rupiah.