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Singapore's Olam Q1 profit jumps on lower one-off charges

Reuters
A man passes an Olam signage in their office in Singapore's central business district February 3, 2016. REUTERS/Edgar Su/Files

SINGAPORE (Reuters) - Singapore-based commodity trader Olam International Ltd reported a 213 percent rise in its first-quarter profit to S$113.6 million ($83 million) on lower exceptional charges compared with a year ago.

However, operational profit, which excludes one-off items, fell 5.5 percent to S$126.1 million, due to lower contributions from its edible nuts, spices & vegetable ingredients and commodity financial services segments.

Revenue rose 10.2 percent for the quarter ended March 31, the company said in a statement on Friday.

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

($1 = 1.3728 Singapore dollars)

(Reporting by Aradhana Aravindan; Editing by Stephen Coates)