February 28, 2017 / 12:04 AM / 10 months ago

Singapore's Olam swings to Q4 profit

SINGAPORE, Feb 28 (Reuters) - Commodity trader Olam International Ltd swung to a profit in its fourth quarter due to lower exceptional losses and strong results at its confectionery and beverage ingredients segment, as well as its food staples and packaged food business.

Singapore-based Olam posted a profit after tax and minority interests (PATMI) of S$102.2 million ($72.7 million), compared to a loss of S$269.4 million a year ago.

Operational PATMI, which excludes exceptional items, more than doubled to S$102.3 million.

Olam, which counts Singapore state investor Temasek Holdings and Japan’s Mitsubishi Corp as its largest shareholders, is a major player in a number of commodities including cocoa, coffee and edible nuts.

$1 = 1.4054 Singapore dollars Reporting by Aradhana Aravindan; Editing by Stephen Coates

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