Noble Group sinks deeper with $2.4b loss in Q2

Paterniano Del Favero
Agosto 13, 2017

Revenue also fell 19% from $17b ($US$12.5b) to $13.8b (US$10.1b).

Its net loss in the April-to-June quarter was US$1.75 billion, compared with a loss of US$54.9 million in the same period of past year, the embattled commodities supplier said in a regulatory filing to the Singapore Exchange.

Noble said in a press release that the operating environment continues to be hard, following the announcement of a loss for three months, along with challenges in the commodities' sector. This compared with a $14 million loss for the first half of last year and a loss of $54.9 million for the second quarter of last year.

"The group believes that the steps now being taken are setting the group on the path to recovery and provide a clear view of its direction and plans to address its challenges", said Noble in a press release.

Last month, Noble warned investors about the wider second-quarter loss and said it has made a decision to sell its North American gas and power business and is looking for a buyer for its oil-liquids business to raise cash.

"The group's objective is to maximise value for the benefit of the group's stakeholders and to best position the company for the challenges and opportunities facing the commodities trading industry".

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