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Sinar Mas Agro Resources & Technology swings to loss in Q1

PT Sinar Mas Agro Resources & Technology Tbk said its normalized net income for the first quarter was a loss of 4.98 rupiah per share, compared with 261.69 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 14.31 billion rupiah, compared with income of 751.63 billion rupiah in the year-earlier period.

The normalized profit margin declined to negative 0.2% from 8.3% in the year-earlier period.

Total revenue decreased 16.8% on an annual basis to 7.546 trillion rupiah from 9.072 trillion rupiah, and total operating expenses declined 13.3% from the prior-year period to 7.167 trillion rupiah from 8.267 trillion rupiah.

Reported net income came to a loss of 78.29 billion rupiah, or a loss of 27.26 rupiah per share, compared to income of 888.27 billion rupiah, or 309.27 rupiah per share, in the prior-year period.

As of April 30, US$1 was equivalent to 12,980 rupiah.