IBTimes UK

Olam International said net profit for the first quarter surged 213 percent to hit $113.6 million, helped by lower one-off charges from bond buy-back.

While the commodities trader bought back bonds of $97.2 million in the same period last year, its bond buy back amounted to only S$12.5 million in the three months ended March 31.

Net profits in the first quarter in 2015 had stood at $36.3 million.

Total revenues jumped 10.2 percent to $4.76 billion in the first quarter, Olam said. However, operational profits after taxes and minority interests dropped by 5.5 percent to $126.1 million. The drop was due to the returns from Olam's edible nuts, spices and vegetable sections as well as commodity financial services segments.

"We are confident about our growth prospects, on the back of our acquisition of ADM's cocoa processing assets, BUA Group's wheat milling assets, our entry into the animal feed business in Nigeria and our new joint venture with Mitsubishi Corporation in Japan," co-founder and group CEO Sunny Verghese said.

The earnings per share (EPS) stood at 3.95 Singapore cents compared with 1.32 Singapore cents a year ago.

Singapore state investor Temasek Holdings and Japan's Mitsubishi Corp are the largest shareholders in Olam.