By
COMMODITIES trader Olam International yesterday reported a 14
per cent drop in fourth-quarter earnings to $109.5 million as weak
performance in its cotton and wood products continue to plague the
company.
Revenue for the three months ended June 30 rose 12.7 per cent to $5.15 billion. Its earnings per share of 15 cents came in ahead of the average 14.3 cents estimate in a Bloomberg poll of 18 analysts.
In full-year net profit attributable to shareholders, Olam saw a 13.7 per cent slump to $370.9 million compared with the previous fiscal year - its first decline in annual profit since listing in 2005.
"(This) has to be seen in the light of very tough conditions globally - clearly not a great deal for us, but certainly a good year considering the circumstances," said executive director of finance and business development Shekhar Anantharaman in a briefing, highlighting that agri-commodities companies around the world have reported poor results recently.
Revenue for the three months ended June 30 rose 12.7 per cent to $5.15 billion. Its earnings per share of 15 cents came in ahead of the average 14.3 cents estimate in a Bloomberg poll of 18 analysts.
In full-year net profit attributable to shareholders, Olam saw a 13.7 per cent slump to $370.9 million compared with the previous fiscal year - its first decline in annual profit since listing in 2005.
"(This) has to be seen in the light of very tough conditions globally - clearly not a great deal for us, but certainly a good year considering the circumstances," said executive director of finance and business development Shekhar Anantharaman in a briefing, highlighting that agri-commodities companies around the world have reported poor results recently.
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