, Singapore

Olam's net profit down 12% to $118.7m in Q4

Blame it on currency volatility.

Olam International today reported that its net profit slipped 12% year-on-year to $118.7m in the fourth quarter on back of lower earnings and higher taxes.

Olam's earnings was undermined by underperformance in hazelnuts, Dairy farming in Uruguay and the adverse impact of currency devaluation, leading to a 10.3% reduction in EBITDA in the quarter.

Olam's top line was impacted by the severe and concurrent currency devaluation against the US dollar across its major markets, including Russia, Nigeria, Brazil and Australia and to a lesser extent Turkey, Mozambique and Indonesia. 

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