Olam posts first full-year loss on one-off charges (Amended)

Singapore

OLAM International swung to a net loss in the fourth quarter and the full 2015 financial year - its first since listing in 2005 - hit by one-off charges including a writedown in the fair value of its investment in sweetener producer PureCircle.

Still, even as the global economy looks increasingly fragile, the firm is optimistic that its recession-proof food business, plus its well-diversified structure, will help it ride out any economic downturn, its chief executive Sunny Verghese told The Business Times.

Olam recorded a net loss of S$221.3 million for the quarter ended Dec 31, from a net profit of S$118.7 million a year earlier.

This was in …