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Olam says trade war helped sales to surge

Bloomberg
Bloomberg8/15/2019 03:04 PM GMT+08  • 2 min read
Olam says trade war helped sales to surge
(Aug 15): In a world where many global trading houses have taken a hit from the US-China trade war, a giant food trader in Singapore says the spat has been a boon for them -- at least in grains.
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(Aug 15): In a world where many global trading houses have taken a hit from the US-China trade war, a giant food trader in Singapore says the spat has been a boon for them -- at least in grains.

While Olam International, one of the world’s biggest agricultural traders, said Wednesday that net profit tumbled 35% in the second quarter on exceptional losses and shrinking revenues from edible nuts and confectionery, sales volumes in the first half jumped 40%, largely due to growth in grains trading. The trade war opened up opportunities to sell Brazilian soybeans to China, the chief operating officer said.


See: Olam reports 34.5% drop in 2Q earnings to $61.5 mil on higher costs, exceptional losses

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