Olam International Limited, a global supply chain manager of agricultural products and food ingredients, on Thursday reported a year-on-year 38.5 per cent growth in net profit to $55.9 million for the third quarter ended March 31, 2008.
During Q3 FY2008, sales surged 52.2 per cent to $2.4 billion mainly driven by higher underlying commodity prices and sales volume growth.
For the nine month period, the group's net profit rose 31 per cent to $102.8 million over the previous corresponding period. Sales grew by 45.1 per cent to $5.73 billion. Existing businesses accounted for 62.9 per cent of the growth in volume while acquisitions accounted for the balance 37.1 per cent.
Said Olam's Group CFO, Krishnan Ravikumar: 'The third quarter is typically the strongest due to the seasonality of our business given that most of the harvesting happens between October and March.'
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