Olam 3Q earnings fall 8.6% to $20.5 mil

SINGAPORE (Nov 14): Olam International has posted 3Q earnings down 8.6% to $20.5 million in 3Q16, compared to $22.5 million in the same quarter last year.

In a filing to SGX on Monday, Olam says this was largely due to higher depreciation and amortisation charges in the quarter, which increased 43.5% to a loss of $82.6 million in 3Q16 compared to a loss of $57.5 million in 3Q last year.

Excluding exceptional items, operational Profit After Tax and Minority Interest (PATMI) in the quarter ended Sept fell 20.2% to $20.5 million, from $25.7 million in 3Q15.

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