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Olam posts 20% rise in 2Q earnings to $115 mil

Michelle Zhu Published on Fri, Aug 12, 2016 / 8:12 AM GMT+8

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SINGAPORE (Aug 12): Commodities trader Olam International posted a 20% rise in earnings to $114.9 million for the quarter ended June from $95.8 million a year ago, due to improved operational performance in its food category.

Revenue grew 3.5% to $5 billion from higher sales volumes, which were up 19.9% as all segments registered growth except for edible nuts, spices & vegetable ingredients.

Olam commented that the increase in revenue was “modest” due to certain commodities with lower prices within the group’s portfolio.

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Olam posts 20% rise in 2Q earnings to $115 mil