Olam's confectionary, beverage ingredients' volume dropped 11.9%

Even coffee sales weren't pretty.

According to CIMB, most segments saw an improvement in volumes and revenues for FY13. Food staples & packaged foods continued its strong run, with volume up 84% yoy and net contribution growth of 50.8% as the grains business benefited from capacity expansion in Nigeria.

The industrial raw materials segment registered robust volume growth of 17.9% yoy as net contribution grew 47.3%.

Here's more from CIMB:

Growth was driven primarily by volume expansion in cotton. Edible nuts, spices & beans swung back into growth for 4Q13, but full-year growth left much to be
desired; net contribution grew by 7.1% yoy compared to double-digit growth previously.

The tomato business continued to drag 4Q13 margins. Confectionary & beverage ingredients’ volume was stagnant, with net contribution falling 11.9% yoy.

Coffee rust disease continued to depress coffee sales volumes. Core net profits were below expectations because of higher EBIT contribution from higher tax jurisdictions and one-off tax charges.

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