SINGAPORE — Olam International Limited reported on Feb. 29 a loss of S$64.3 million ($45.7 million) for the year ended Dec. 31, 2015, due to a net exceptional loss of S$397 million. That compares to a profit of S$591 million in the previous year.

For the fourth quarter, the company reported a loss of S$221.3 million compared to a profit of S$118.7 million in the same period a year earlier.

The results for the quarter and year included a write down in the company’s investment in Malaysian Stevia sugar substitute maker, PureCircle Ltd (PCL).

Other net exceptional losses of S$103.5 million resulted from specific actions taken to optimize the portfolio including the restructuring of Dairy operations in Uruguay, transaction expenses for the acquisition of ADM Cocoa (completed in October 2015) and the buyback of convertible bonds, which were partly offset by the gain on the sale-and-leaseback of palm plantations in Gabon, Olam said.

Operational profit after tax and minority interest (PATMI) for the year was S$346.2 million, up 20.1% from S$288.1 million last year. Operational PATMI for the fourth quarter was S$88.2 million, down from S$105.1 million.

Food Staples & Packaged Foods segment volumes fell 15.5% in 2015 mainly due to lower traded volumes in Grains, Sugar, Palm and Rice.

Revenue decreased by 25% from S$7.98 billion in 2014 to S$5.39 billion in 2015 due to lower volumes as well as lower prices of all commodities in this segment, the company said. Although the Grains and Rice businesses performed better at the EBITDA level, overall segment EBITDA declined by 28.2% due to continued underperformance of the Dairy farming operations in Uruguay and the adverse impact of currency devaluation on Palm refining operations in Mozambique and the Packaged Foods business, as well as lower contribution from Sugar and Palm trading.

“We took significant actions in 2015 to execute on our strategy including the acquisition of ADM Cocoa and McCleskey Mills, and more recently, the wheat milling and pasta manufacturing assets of the BUA Group in Nigeria,” Sunny Verghese, Olam’s co-founder and chief executive officer, said. “Another key milestone was the strategic partnership with Mitsubishi Corporation, which is an integral part of re-aligning our shareholder base with more long-term shareholders.”

Olam said the long-term trends in the agri-commodity sector remain attractive, and the company is well positioned to benefit from this as a core global supply chain business with selective integration into higher value upstream and mid/downstream segments, the company said. Olam believes its diversified and well-balanced portfolio with leadership positions in many segments provides a resilient platform to navigate current uncertainties in global markets.

In August 2015, Olam raised approximately S$915 million by issuing 332.73 million new ordinary shares to the Mitsubishi Corp. at S$2.75 per new share, representing approximately 12% of the Olam’s enlarged and paid-up share capital (excluding treasury shares) upon completion.

The transaction set the platform for a long-term strategic partnership between Olam and Mitsubishi Corp. Mitsubishi is Olam’s second largest shareholder with a 20% stake in Olam. Temasek Holdings remains Olam’s majority shareholder with a 51.4% stake.