Mewah profit up 3.8% to $6.3m

The second quarter saw improved operating margin for the agri-business group.

Improved operating margin of US$33.0 per MT for the quarter compared to US$23.1 per MT for Q2 2011 helped to improve total operating margin by 30.4% to US$29.5 million.

Meanwhile Mainboard-listed Mewah International Inc. said profit was down for the first half of the year. Net profit for the first six months of 2012 was US$14.6 million, 36.8% lower from US$23.1 million for the corresponding period last year.

Sales volume for the quarter decreased by 8.8% to 894,600 MT from 981,200 MT for Q2 2011. For the half year ended, the volumes decreased by 2.5% to 1,792,600 MT from 1,837,600 MT for H1 2011.

Lower sales volume and lower average selling prices resulted in revenue for the quarter declining by 18.8% to US$1,012.3 million from US$1,247.4 million for Q2 2011. For the half year ended, revenue declined by 15.0% to US$2,008.5 million from US$2,362.7 million for H1 2011.