Noble Group posts US$55 million loss in Q2

Noble Group's earnings took a hit in the second quarter this year.
Noble Group's earnings took a hit in the second quarter this year. PHOTO: REUTERS

SINGAPORE - Embattled commodity trader Noble Group's earnings took a hit in the second quarter ended June 30, posting a loss of US$54.9 million (S$73.7 million) from earnings of US$62.6 million for the same period last year.

Revenue fell 32 per cent to US$12.5 billion from US$18.4 billion, the company said on Thursday, while posting its first result under new co-chief executive officers Jeff Frase and William Randall.

"We continue to rationalize our businesses in order to focus on liquidity and to reallocate capital to the franchise businesses that offer strong immediate returns," the company said in a statement today. (August 11).

The company highlighted that despite the challenges, their oil liquids and energy coal businesses grew in volume by 23 and six per cent respectively.

The loss per share for the quarter was US$0.0094, compared with earnings per share of $0.0086 for the same period a year earlier.

Net asset backing per share was US$0.52 as at June 30, up from US$0.50 as at Dec 31.