Olam posts jump in Q3 net profit on fair value gain; revenue up 2.5%
Published on May 15, 2014 10:00 AM
SINGAPORE - Agricultural products supplier Olam International said on Thursday its net profit for the third quarter nearly tripled, owing to a fair value gain of $271 million from the revaluation of its stake in natural sweetener company PureCircle.
Net profit for the three months to March 31 jumped 265 per cent over a year ago to $396.1 million, Olam said.
But excluding exceptional items like the fair value gain, operational net profit would have fallen 7.9 per cent to $276.9 million, driven by higher depreciation and amortisation and tax expenses.
The group's revenue rose 2.5 per cent in the quarter from the previous year to $4.8 billion, as sales volumes climbed 3.5 per cent.
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