Olam's profits crashed 48% to SGD56.8m

Badly hurt by higher tax charges.

According to OSK, Olam 4Q profit fell by 48%. Hit by the jump in tax charges, Singapore commodities firm Olam’s 4QFY13 profits fell by 48% y-oy to SGD56.8m.

Here's more:

The results came in much lower than the consensus estimates of SGD75.4m. Tax charges increased to SGD50.6m compared to a net tax credit of SGD8.2m last year. Commenting on the outlook, the company said that the near-term macroeconomic conditions remain challenging.

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