Olam profit falls on lower sales, commodity prices
SINGAPORE (Reuters) - Commodities trading firm Olam International posted an 8.5 per cent drop in its first-half profit on lower sales volume and commodity prices, citing weakness in its coffee business, upstream dairy and wood product businesses.
The Singapore-based firm posted also saw higher depreciation and amortisation charges.
Revenue was $8.8 billion for the six months ended Dec 31, down 7.9 per cent on the year. Its net profit for the period was $180.5 million.
Olam said edible nuts, spices and vegetable ingredients, wheat milling, sugar refining, as well as dairy and cocoa supply chain businesses performed strongly, while upstream dairy and wood products performance was disappointing.