Olam Q3 profit jumps on exceptional gains, sales edge up
SINGAPORE May 15 (Reuters) - Commodities trading firm Olam International Ltd said its profit for the quarter ended March 31 more than tripled on a year earlier due to exceptional gains.
Olam reported a profit after taxes and minority interests (PATMI) of S$396.1 million ($316.9 million) for the third quarter of financial year 2014, up from S$108.5 million a year earlier, boosted by S$293.9 million in exceptional gains.
Operational PATMI fell 16 percent to S$102.2 million for the third quarter, while revenue rose 2.5 percent on a year earlier, the company said in a statement.
Olam changed the categorisation of its investment in sweetener company PureCircle Ltd from being an associate company to an "available-for-sale financial asset" in March, resulting in a S$271 million exceptional gain in the quarter.
The sale and leaseback of almond plantation assets in Australia also helped boost exceptional gains for the quarter, Olam said.
In March, a Temasek-led shareholders group offered $2.1 billion in cash for shares in Olam they did not already own.
($1 = 1.2501 Singapore Dollars) (Reporting by Rujun Shen; Editing by Richard Pullin)
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