Singapore's Olam Q1 profit jumps on lower one-off charges

Singapore-based commodity trader Olam International Ltd reported a 213 per cent rise in its first-quarter profit to S$113.6 million on lower exceptional charges compared with a year ago.

However, operational profit, which excludes one-off items, fell 5.5 per cent to S$126.1 million, due to lower contributions from its edible nuts, spices & vegetable ingredients and commodity financial services segments.

Revenue rose 10.2 per cent for the quarter ended March 31, the company said in a statement on Friday.

Singapore-based Olam, which counts Singapore state investor Temasek Holdings and Japan's Mitsubishi Corp as its largest shareholders, is a leading player in markets of a number of commodities including cocoa, coffee and edible nuts.