Olam's profits crashed 48% to SGD56.8m
Badly hurt by higher tax charges.
According to OSK, Olam 4Q profit fell by 48%. Hit by the jump in tax charges, Singapore commodities firm Olam’s 4QFY13 profits fell by 48% y-oy to SGD56.8m.
Here's more:
The results came in much lower than the consensus estimates of SGD75.4m. Tax charges increased to SGD50.6m compared to a net tax credit of SGD8.2m last year. Commenting on the outlook, the company said that the near-term macroeconomic conditions remain challenging.