Olam's net profit up 10% to $108.5m

Guess which segment is the star performer.

According to OCBC Investment Research, Olam's reported net profit gained 10% YoY (but fell 30% QoQ) to S$108.5m, while core earnings (excluding bio-asset revaluation gains etc) rose 13% YoY (down 22% QoQ) to S$92.8m. Core 9MFY13 earnings of S$240.3m met about 79% of fullyear forecast.

OCBC noted that Business-wise, its Food Staples and Packaged Foods was the star performer, with 3Qrevenue rising 55% YoY, aided by both volume growth (+90%) and increased profitability (gross contribution +123%).

Here's more:

We expect this segment to continue to perform – Olam had recently entered into a JV with Sanyo Foods to manufacture and distribute instant noodles in Nigeria; this after selling a 25.5% stake of its instant noodles business to Sanyo for US$20m.

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