Olam International's full year profit down 2% at $363 million on higher tax charges
Olam International has posted a fall in its full-year profit despite higher sales, as higher tax charges and a challenging business environment affected some segments of the company.
The commodities player said profit for the 12 months ended June 30 slipped 2.2 per cent to $362.6 million.
Revenue rose 21.7 per cent to $20.8 billion, as sales volume rose 49.5 per cent.
"Our headline results were dampened somewhat by the impact of increased tax charges versus last year and challenging market conditions which emerged in the fourth quarter and affected some parts of our business," said chief executive Sunny Verghese.