Olam Q3 net up 43% on increased sales, margins

SINGAPORE - Olam International, a Singapore commodities firm, said on Thursday third quarter net profit rose 43 per cent year-on-year, helped by higher sales and margins across its various businesses.

Olam, whose products range from edible nuts to confectionery and beverage ingredients, earned S$127.3 million (US$103 million) in the three months ended March 31, up from S$89.3 million in January-March 2010.

Its revenue rose 75 per cent to S$4.7 billion from S$2.7 billion.

'This is one of the strongest periods of growth in net contribution per tonne that we have achieved in the last five years,' CFO Krishnan Ravikumar said in a statement.

Looking ahead, Olam said it is in discussions with various parties on possible acquisitions and joint ventures but did not elaborate.

The firm said the floods in Australia and the current political problems in the Ivory Coast had minimal impact on its businesses, and it continues to be positive about prospects for the remainder of the current financial year which ends in June. -- REUTERS