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Kencana Agri swings to loss in Q3

Kencana Agri Ltd. said its third-quarter normalized net income came to a loss of $11.7 million, compared with income of $760,000 in the year-earlier period.

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

The normalized profit margin fell to negative 40.8% from 1.9% in the year-earlier period.

Total revenue declined 25.0% year over year to $30.5 million from $40.7 million, and total operating expenses declined 16.3% on an annual basis to $29.5 million from $35.2 million.

Reported net income came to a loss of $15.2 million, or a loss of 5 cents per share, compared to income of $957,000, or 0 cents per share, in the year-earlier period.