Olam Q2 profit slumps 34.5% on higher costs, exceptional losses

Singapore

AGRI and food giant Olam International's net profit shrank 34.5 per cent to S$61.5 million for its second quarter ended June 30, from S$94 million a year ago.

This was due to higher depreciation and amortisation, net finance costs and exceptional losses, Olam said on Wednesday.

Olam adopted the new accounting standard SFRS(I) 16 with effect from Jan 1, which had a net impact of negative S$6.6 million on the second quarter'…