Saturday, Dec 27, 2014Saturday, Dec 27, 2014

Business

 

Olam posts jump in Q3 net profit on fair value gain; revenue up 2.5%

Published on May 15, 2014 10:00 AM
 
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. -- FILE PHOTO: REUTERS

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.

 
If you are not a subscriber, you can get instant, unlimited access here

Videos