Olam International, a Singapore-based processor of agricultural products and food ingredients, has reported that its revenues increased by 9.2% to S$4.9bn ($3.95bn) for the second quarter of 2013, compared to S$4.48bn ($3.61bn) for the same period in the previous year.
The company reported profit after tax and minority interest (PATMI) of S$154.1m ($124.4m), an increase by 19.9%, compared to S$128.5m ($103.7m) for the corresponding period in 2012.
Sales volume increased by 53.8% to 4.09 million metric tons, compared to 2.66 million metric tons in the corresponding quarter in the previous year.
Besides, the revenues for the first half (H1) of the year increased by 24.3% to S$9.58bn ($7.73bn), compared to S$7.71bn ($6.22bn) in 2012, driven by 71.9% increase in sales volume to 7.8 million metric tons. PATMI for the period increased by 21.3% to S$197.3m ($159.3m), compared to S$162.7m ($131.3m).
Olam International managing director chief executive officer Sunny Verghese said that during the H1, the company has seen growth rates in the Food Category and a recovery in the Cotton business within the Industrial Raw Materials segment.
"We have also successfully stabilised the situation that surrounded the Company in the recent past and the endorsement that we received for our recent Renounceable Rights Issue of Bonds with Warrants has further strengthened the Company's financial position," Verghese added.