Noble Group more than doubles Q1 net profit to $190.4 million

SINGAPORE - Supply chain manager Noble Group posted a 270 per cent increase in first-quarter net profit on the back of improved performance in its key segments of agriculture, energy, and metals, minerals and ores.

Net profit for the three months to Mar 31 was US$152.3 million (S$190.4 million), up from US$41.3 million in the same period last year.

The number was helped by a sharp increase in operating income from supply chains, up 30 per cent to US$497.5 million.

However, revenue dipped 7 per cent to US$17.9 billion.

Sales from the agriculture segment increased 3 per cent to US$3.3 billion and the operating losses from supply chains declined to US$42 million from US$67 million last year.

The losses were due to market pressures in China and extreme volatility in coffee prices.

The company's energy division posted strong results with revenue of US$15 billion in the first quarter, an increase of 3 per cent compared to last year.

Operating income from supply chains in the energy segment rose 19 per cent to hit US$437 million in the same period.

Revenue at the metals, minerals and ores segment tumbled 39 per cent from last year to US$2.89 billion.

Earnings per share for the quarter was 2.22 US cents, up from 0.53 US cent a year ago.

Net asset value per share was 79 US cents as at March 31, down from 78 US cents as at Dec 31 last year.