SWANK International Manufacturing earnings grew 18 per cent in the first six months, beating the seven per cent rise in turnover as it switched to products with higher profit margins. The sunglasses and optical frame maker said its after-tax profit reached $36.38 million, compared with $30.89 million a year ago. Turnover was $391.37 million, up from $365.05 million. But basic earnings per share were 10.5 cents, down from 11.1 cents. Swank posted $4.47 million profit from its associated companies, mainly its 50 per cent stake in the glass-making joint venture in Dongguan with a subsidiary of Hong Kong-listed Guangdong Investment. An interim dividend of three cents will be made. Director Sam Tong said turnover growth had been stalled with Swank making more high-end products, which had more procedures and a longer production time. In the first half, Swank reported a decline in operating profit from continuing operations. But Mr Tong explained that was due to the sale of a half-interest in the Dongguan plant, with earnings from the venture being consolidated into the item, share of profit of associated companies. Overall, the net profit margin improved to 9.3 per cent from 8.5 per cent. Chairman Lam Yin-sang expected the company's second half would look strong as shipments were ahead of schedule and orders higher than last year.