SINGAPORE May 15 Commodities trading firm Olam
International Ltd said its profit for the quarter
ended March 31 more than tripled on a year earlier due to
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,
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)