February 26, 2018 / 11:34 PM / 2 years ago

Singapore's Olam Q4 net profit jumps on one-off gains

SINGAPORE, Feb 27 (Reuters) - Singapore-based commodity trader Olam International reported a 159.3 percent rise in its fourth-quarter net profit, helped by one-off gains from divestments of its Indonesia sugar refining business and edible nuts farmland assets in the United States.

The company reported a net profit of S$265.1 million ($201.4 million) for the three months ended December, compared with S$102.2 million a year ago. Operational profit, which excludes exceptional items, was 7.2 percent higher at S$109.7 million.

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. ($1 = 1.3161 Singapore dollars) (Reporting by Aradhana Aravindan Editing by Stephen Coates)

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