Olam 1Q net profit increases by 15.1%, outlook positive

By YEO AIQI


Olam International Limited on Monday announced that its net profit for first quarter ended Sept 30, 2011 increased by 15.1 per cent to S$34.22 million from a year ago.

Revenue increased by 31.6 per cent from a year ago to S$3.23 billion.

Its edible nuts, spice and beans segment registered volume growth of 11.7 per cent and revenue growth of 22.1 per cent. The spices and vegetable ingredients business continues to perform well with the seasons in the US, China and Vietnam progressing well. Confectionary and beverage ingredients segment registered volume growth of 23.5 per cent. Food staples and packaged foods segment achieved volume growth of 22.1 per cent, led by the rice and grains business, with strong market share growth in the african markets.

Olam remains positive about its prospects for the remaining part of FY2012. It constantly reviews corporate development opportunities which are in line with its corporate growth strategy.