{"id":41367,"date":"2023-07-27T21:32:35","date_gmt":"2023-07-28T01:32:35","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/olam-group-shares-slide-after-guiding-for-lower-profit\/"},"modified":"2023-07-27T21:32:37","modified_gmt":"2023-07-28T01:32:37","slug":"olam-group-shares-slide-after-guiding-for-lower-profit","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=41367","title":{"rendered":"Olam Group Shares Slide After Guiding for Lower Profit"},"content":{"rendered":"
\n

By Sherry Qin<\/p>\n

<\/pre>\n
Olam Group’s shares fell sharply early Thursday after the company guided for “materially lower” earnings for its first half year due to higher interest costs and a significantly lower crop yield from its almond orchards in Australia.<\/p>\n
\n
Olam’s shares fell as much as 5.7% to 1.32 Singapore dollars (US$1.00), after earlier touching S$1.27, their lowest intraday level since October, according to FactSet. Shares of the Singapore-based company are on track for their biggest one-day loss since May 2012.<\/p>\n
The fall in its almond’s crop yield, due to the changes in the weather patterns and lower bee activity during pollination in Australia, was significant and unprecedented, Olam said.<\/p>\n
Olam, one of the world’s largest supplier of coffee, cocoa, and nuts, expects to post a net exception one-off, non-recurring charge of about US$83.0 million on a post-tax basis for its first half.<\/p>\n
However, the company still expects to remain profitable for its first half and fiscal year 2023.<\/p>\n
<\/pre>\n
Write to Sherry Qin at sherry.qin@wsj.com<\/p>\n
<\/pre>\n<\/p><\/div>\n<\/div>\n
Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
By Sherry Qin Olam Group’s shares fell sharply early Thursday after the company guided for “materially lower” earnings for its first half year due to higher interest costs and a significantly lower crop yield from its almond orchards in Australia. Olam’s shares fell as much as 5.7% to 1.32 Singapore dollars (US$1.00), after earlier touching […]<\/p>\n","protected":false},"author":1,"featured_media":1898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-41367","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nOlam Group Shares Slide After Guiding for Lower Profit | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Sherry Qin Olam Group's shares fell sharply early Thursday after the company guided for "materially lower" earnings for its first half year due to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=41367\" \/>\n<meta property=\"og:locale\" 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