Olam International's 2Q earnings nearly tripled to $94.7 million from $31.8 million a year ago.
This was despite a net loss of $19.2 million on the fair valuation of biological assets compared to a net gain of $17.1 million a year ago.
Turnover for the agriculture company fell 16.4% to $4.81 billion from $5.76 billion previously.
The lower revenue was part of the company’s strategy to grow in prioritised platforms while reducing volumes or exiting from lower-margin businesses, says Olam.
However, operational PATMI (excluding exceptional items) in 2Q increased 96.3% to $95.2 million.
EBITDA in 2Q increased 6.1% to $285.1 million with continued growth across most platforms.
Despite the recent volatility in the commodity and currency markets, Olam believes its diversified portfolio with "leadership positions" in many segments provides a resilient platform to navigate these uncertainties.
Olam has declared an interim one-tier tax exempt dividend of 2.5 cents per share.
Shares of Olam ended higher yesterday at $1.76, up 3 cents or 1.7%.
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This was despite a net loss of $19.2 million on the fair valuation of biological assets compared to a net gain of $17.1 million a year ago.
Turnover for the agriculture company fell 16.4% to $4.81 billion from $5.76 billion previously.
The lower revenue was part of the company’s strategy to grow in prioritised platforms while reducing volumes or exiting from lower-margin businesses, says Olam.
However, operational PATMI (excluding exceptional items) in 2Q increased 96.3% to $95.2 million.
EBITDA in 2Q increased 6.1% to $285.1 million with continued growth across most platforms.
Despite the recent volatility in the commodity and currency markets, Olam believes its diversified portfolio with "leadership positions" in many segments provides a resilient platform to navigate these uncertainties.
Olam has declared an interim one-tier tax exempt dividend of 2.5 cents per share.
Shares of Olam ended higher yesterday at $1.76, up 3 cents or 1.7%.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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