Singapore's Olam International Q3 net profit rises 10%

Singapore's Olam International Q3 net profit rises 10%

SINGAPORE - Singapore commodities firm Olam International Ltd reported a 10 per cent rise in third-quarter net profit on Wednesday, helped by a strong performance in its food staples and packaged food business.

Olam posted a net profit of S$108.5 million ($87.3 million) for the three months ended March, up from S$98.7 million a year earlier.

Olam, propped up by Singapore state investor Temasek Holdings after short-seller Muddy Waters attacked its debt-fuelled acquisitions, said it would nearly halve its capital spending over the next three years from an earlier plan.

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