Mewah International Inc. said its normalized net income for the third quarter was $1.3 million, an increase of 70.8% from $751,000 in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin climbed to 0.2% from 0.1% in the year-earlier period.
Total revenue decreased 19.8% on an annual basis to $746.6 million from $930.5 million, and total operating expenses decreased 23.3% year over year to $710.9 million from $926.9 million.
Reported net income increased 6.8% from the prior-year period to $1.3 million, or 0 cents per share, from $1.3 million, or 0 cents per share.