Olam Q1 profit dips 2.9% to S$44.3m

OLAM International's first-quarter net profit fell 2.9 per cent to S$44.3 million, as the company got caught out by drastic price movements in hazelnuts and the dairy business, and challenges in its upstream dairy business.

These could continue to affect the company for the next two quarters, Olam said.

Revenue dipped 0.5 per cent to S$4.3 billion on the back of a 14.6 per cent drop in sales volume, as Olam focuses on higher margin products.

CEO Sunny Verghese said that he was not "overly concerned", and re…