MEWAH INTERNATIONAL INC. MEWAH INTERNATIONAL INC.
(Incorporated in the Cayman Islands, Registration Number: CR-166055)
AND ITS SUBSIDIARIES
CONDENSED INTERIM FINANCIAL STATEMENTS
For the first half year ended 30 June 2021
MEWAH INTERNATIONAL INC.
AND ITS SUBSIDIARIES
CONDENSED INTERIM FINANCIAL STATEMENTS
Unaudited for the first half year ended 30 June 2021
TABLE OF CONTENTS
Page No. | |
Condensed Interim Consolidated Income Statement | 1 |
Condensed Interim Consolidated Statement of Comprehensive | |
Income | 3 |
Condensed Interim Balance Sheet - Group and Company | 4 |
Condensed Interim Statements of Changes in Equity - Group | 5 |
Condensed Interim Statements of Changes in Equity - Company | 6 |
Condensed Interim Consolidated Statement of Cash Flows | 7 |
Notes to the Condensed Interim Financial Statements | 9 |
Other Information Required by Listing Rule Appendix 7.2 | 26 |
MEWAH INTERNATIONAL INC.
AND ITS SUBSIDIARIES
CONDENSED INTERIM CONSOLIDATED INCOME STATEMENT
Unaudited for the first half year ended 30 June 2021
6 months | 6 months | |||||
Note to | Note to | ended 30 | ended 30 | |||
Condensed | Appendix | Jun 2021 | Jun 2020 | Change | ||
report | 7.2 | US$'000 | US$'000 | % | ||
Revenue | 3 | 8.1.2 | 2,117,315 | 1,485,252 | 42.6% | |
Cost of sales | 8.1.2 | (1,973,753) | (1,352,193) | 46.0% | ||
Gross profit | 8.1.3 | 143,562 | 133,059 | 7.9% | ||
Other income | 8.1.5 | 2,155 | 1,820 | 18.4% | ||
Other expenses and other losses (net) | ||||||
- Impairment loss on property, plant | ||||||
and equipment, and provision | 5.1 | 8.1.6 | (2,378) | (6,454) | -63.2% | |
- Other losses (Note A) | 5.1 | 8.1.6 | (13,012) | (21,114) | -38.4% | |
Provision of expected credit losses | 8.1.7 | (3,052) | (5,975) | -48.9% | ||
Expenses | ||||||
- | Selling and distribution | 8.1.8 | (49,022) | (18,839) | 160.2% | |
- | Administrative | 8.1.9 | (41,657) | (40,346) | 3.2% | |
- | Finance | 8.1.10 | (3,968) | (5,405) | -26.6% | |
Share of profit of associated company | 14 | 20 | -30.0% | |||
Profit before tax | 5 | 8.1.11 | 32,642 | 36,766 | -11.2% | |
Income tax expense | 6 | 8.1.12 | (8,422) | (9,558) | -11.9% | |
Profit for the financial period, net of tax | 8.1.13 | 24,220 | 27,208 | -11.0% |
Profit after tax attributable to: Equity holders of the Company Non-controllinginterests
24,488 | 27,834 | -12.0% |
(268) | (626) | -57.2% |
24,220 | 27,208 | -11.0% |
Earnings per share attributable to | |||
equity holders of the Company | |||
(expressed in US cents per share) | |||
- Basic and diluted | 1.63 | 1.85 | -11.9% |
The Group measures and tracks the earnings in terms of Operating Margin ("OM") as calculated below:
6 months | 6 months | |||
ended 30 | ended 30 | |||
Note to | Jun 2021 | Jun 2020 | Change | |
Appendix 7.2 | US$'000 | US$'000 | % | |
Gross profit | 143,562 | 133,059 | 7.9% | |
Add: Depreciation in Cost of sales | 10,019 | 7,706 | 30.0% | |
Less: Selling and distribution expenses | (49,022) | (18,839) | 160.2% | |
Less: Provision of expected credit losses | (3,052) | (5,975) | -48.9% | |
Less: Foreign exchange losses | (13,134) | (21,062) | -37.6% | |
Operating margin | 8.1.4 | 88,373 | 94,889 | -6.9% |
The accompanying notes form an integral part of these condensed interim financial statements.
1
MEWAH INTERNATIONAL INC.
AND ITS SUBSIDIARIES
CONDENSED INTERIM CONSOLIDATED INCOME STATEMENT
Unaudited for the first half year ended 30 June 2021
Note A: Other losses included foreign exchange losses of US$13,134,000 for the first half
year (H1 2020: losses of US$21,062,000). Foreign exchange gains or losses arise within the entities in the Group when transactions are denominated in currencies other than the entities' functional currencies. Variance is explained by changes in the exchange rates from the dates of transactions to the dates of settlements or the financial reporting date. The Group uses currency forward contracts to hedge against the foreign exchange fluctuation risk resulting from commodities forward contracts. The foreign exchange gains or losses are better read together with gross profit.
The accompanying notes form an integral part of these condensed interim financial statements.
2
MEWAH INTERNATIONAL INC.
AND ITS SUBSIDIARIES
CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited for the first half year ended 30 June 2021
Profit for the financial period, net of tax
Other comprehensive income:
Item that may be reclassified subsequently to profit or loss:
Currency translation differences arising from foreign subsidiaries, net of tax
- Losses
Total comprehensive income for the period, net of tax
Total comprehensive income attributable to: Equity holders of the Company Non-controllinginterests
6 months | 6 months | |
ended 30 | ended 30 | |
Jun 2021 | Jun 2020 | Change |
US$'000 | US$'000 | % |
24,220 | 27,208 | -11.0% |
(4,361) | (5,962) | -26.9% |
19,859 | 21,246 | -6.5% |
19,907 | 21,959 | -9.3% |
(48) | (713) | -93.3% |
19,859 | 21,246 | -6.5% |
The accompanying notes form an integral part of these condensed interim financial statements.
3
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Mewah International Inc. published this content on 13 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 August 2021 10:10:01 UTC.
