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Olam Q1 profit up 26.5% to S$143.8m

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Olam International's first-quarter net profit rose 26.5 per cent to S$143.8 million, or 4.79 Singapore cents per share, on stronger performance in a number of food segments, the commodity trader announced on Monday.

OLAM International's first-quarter net profit rose 26.5 per cent to S$143.8 million, or 4.79 Singapore cents per share, on stronger performance in a number of food segments, the commodity trader announced on Monday.

Revenue increased by 21.9 per cent to S$5.8 billion.

In the edible nuts, spices and vegetable ingredients segment, earnings before interest, tax, depreciation and amortisation (Ebitda) increased by 72 per cent to S$138 million as sales volumes grew 23.2 per cent. Food staples and packaged foods Ebitda rose 38 per cent to S$118.3 million.

Ebitda for industrial raw materials, agricultural logistics and infrastructure, however, slipped 4.6 per cent to S$62.2 million.

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Olam said it remains focused on turning around underperforming businesses.

"Despite macro-economic uncertainties likely to continue into 2017, Olam believes its diversified and well-balanced portfolio with leadership positions in many segments provides a resilient platform to navigate current challenges in the commodity markets," the company said.

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