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Singapore's Olam Group first-half profit falls 89%

2023-08-11 17:51
Singapore's Olam Group Ltd posted an 88.8% fall in first-half profit on Friday, hurt by a lower crop
Singapore's Olam Group first-half profit falls 89%

Singapore's Olam Group Ltd posted an 88.8% fall in first-half profit on Friday, hurt by a lower crop yield from its almonds orchards in Australia and by higher borrowing costs.

Olam, one of the world's biggest agricultural commodity traders, posted a profit attributable of S$48 million ($35.6 million) for the six months ended June 30, compared with S$429.1 million a year earlier. ($1 = 1.3490 Singapore dollars)

(Reporting by Echha Jain in Bengaluru; Editing by Shinjini Ganguli)