Olam moves into profit, posts Q4 net profit of S$102m
OLAM International posted a fourth quarter net profit of S$102.2 million from a loss of S$269.5 million a year ago led by better operational performance and lower exceptional losses.
This was achieved on the back of a 12 per cent improvement in revenue to S$6.1 billion from S$5.4 billion.
Earnings before interest, tax, depreciation and amortisation (Ebitda) over the three months to December 2016 increased 34.4 per cent to S$349 million owing to a strong performance from confectionery & beverage ingredients and food staples & packaged foods, which offset declines in other business segments, said the company in its results announcement.
Earnings per share for the quarter under review came in at 3.24 Singapore cents from a loss per share of 9.87 Singapore cents in the year ago period.
The board has recommended a final ordinary dividend of three Singapore cents per share compared with 3.5 Singapore cents a year ago. This brings total dividends to six Singapore cents per share for FY2016, the same as the previous financial year of 18 months.
Olam has changed its fiscal year end from end June to end December, hence the previous fiscal year is for 18 months ended December 2015.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Sri Lanka approves power deal with India's Adani Group
BP profits drop to US$2.7 billion, refinery outage offsets higher output
Aramco to pay US$31 billion dividend as Saudi posts budget deficit
PetroVietnam announces new oil discoveries with initial reserves of 100.5 million barrels
European oil giants consider shifting their listings to the US
ExxonMobil sees Hess arbitration dragging into 2025, CEO says