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Singapore's Olam says Q1 profit rises 26.6 pct
May 15, 2017 / 12:08 AM / 6 months ago

Singapore's Olam says Q1 profit rises 26.6 pct

SINGAPORE, May 15 (Reuters) - Singapore-based commodity trader Olam International Ltd reported a 26.6 percent rise in its first quarter profit to S$143.9 million ($102.5 million).

The company said it saw growth in the edible nuts, spices and vegetable ingredients segment as well as its food staples and packaged foods business, which offset lower contributions from segments such as confectionery and beverage ingredients.

Operational profit, which excludes exceptional items, rose 14.1 percent to S$143.9 million, it said.

Olam, which counts Singapore state investor Temasek Holdings and Japan’s Mitsubishi Corp as its largest shareholders, is a major player in markets for a number of commodities including cocoa, coffee and edible nuts.

The company said it remained “focused on turning around underperforming businesses, ensuring gestating businesses reach full potential and achieving positive free cash flow.”

$1 = 1.4041 Singapore dollars Reporting by Aradhana Aravindan; Editing by Richard Pullin

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