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Mewah International swings to profit in Q2

Mewah International Inc. said its second-quarter normalized net income amounted to $830,250, compared with a loss of $5.6 million in the year-earlier 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 negative 0.7% in the year-earlier period.

Total revenue decreased 19.7% year over year to $695.2 million from $865.3 million, and total operating expenses declined 21.7% year over year to $685.3 million from $875.2 million.

Reported net income came to $1.1 million, or 0 cents per share, compared to a loss of $8.2 million, or a loss of 1 cents per share, in the year-earlier period.