Mewah posts Q1 profit increase of 22% to S$4.8m

MEWAH International posted a 22.2 per cent increase in net profit from US$3.96 million in the year ago period to US$4.85 million, the palm producer said on Friday evening.

On a per-share basis, earnings expanded to 0.32 Singapore cent from 0.26 Singapore cent in the previous year.

For the three months ended March 31, revenue increased 15 per cent from US$727.9 million to US$836.9 million from the year-ago period.

The increase in revenue was due to a 26.6 per cent increase in sales volume, which was partially offset by 9.2 per cent fall in average selling prices, it said.

Mewah's bulk segment registered a 20.9 per cent increase in revenue to US$604.8 million while its consumer pack segment recorded a 1.9 per cent increase in revenue to US$232.1 million.

For the first quarter, Mewah's bulk and consumer pack segments contributed to 72.3 per cent and 27.7 per cent of revenue, respectively.

Net asset value per share edged up to 35.3 Singapore cents as at March 31, from 34.42 Singapore cents in three months ago.

The bulk segment produces and sells vegetable-based edible oil and fat products in bulk form primarily to distributors and factories involved in the production of confectionery, bakery products and other food items.

Its consumer pack segment produces vegetable-based edible oil and fat products, in the form of consumer packs and sells under own brands and under the brands of third parties.

Mewah International shares finished unchanged at S$0.27 on Friday before the results were released.