February 12, 2015 / 11:58 PM / 3 years ago

Olam H1 net profit falls on currency devaluation

SINGAPORE, Feb 13 (Reuters) - Commodities trader Olam International Ltd said on Friday its net profit for the six months ended Dec. 31 dropped 9.7 percent, weighed down by currency devaluation across many markets.

Olam reported a net profit of S$118.74 million ($87.59 million) for the second quarter and S$163.03 million for the first half, despite improved revenue for both periods, the company said in a statement.

Olam said it generated positive free cash flow in the six months, and has brought net gearing, a gauge of financial leverage, to 1.85 times from 2.06 times a year earlier.

$1 = 1.3557 Singapore dollars Reporting by Rujun Shen; Editing by Stephen Coates

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