Olam crashes into the red with $221.3m FY15 net loss

It was slammed by a massive one-off charge.

Olam has crashed into the red with a whopping $221.3m net loss in FY15 as the company was dragged down by a massive one-off loss.

According to OCBC, the $296.1m loss includes a loss of its equity investment in PureCircle Limited ($192.6m) and the one-time cost on the buyback of higher cost debt ($126.5m). This was partially offset though by a $33.6m gain on sale-and-leaseback of Gabon Palm plantation. Still, operational profit after tax and minority interests (PATMI) tumbled 16.2% to $88.2m.

Meanwhile, revenue for the year grew 11.7% YoY to $5.45b.

For the last month of FY15, revenue dipped 3.6% YoY to around $19.1b, while reported PATMI stood at -$64.3m. However, operational PATMI for the month climbed 20.1% YoY to $346.1m

“Olam declared a final dividend of 3.5 S cents, bringing the full-year payout to 6 S cents, versus 7.5 S cents in FY14,” the report stated.