Noble Group's Q3 profit plunges 70% to $28.6 million

Singapore-listed Noble Group has reported a 70 per cent dive in its third quarter net profit to US$22.9 million ($28.6 million) from last year's US$75.2 million.

It said the bulk of the fall was due to its share of losses at Yancoal Australia, an associate firm where it is a key shareholder.

Loss from associates in the third quarter came in at US$90.1 million, though Noble stressed it was largely a non-cash, accounting loss.

The Hong Kong-based firm recorded a 13 per cent revenue rise to US$25.6 billion, thanks to good gains in its agriculture, energy as well as metals and minerals segments.

Net profit for the nine months to Sept 30 tumbled 67 per cent to US$127 million, again mainly on the back of the share of losses from its holdings in Yancoal.

Noble said it took an accounting loss of US$103.4 million from associates.

Revenue for the nine months came in at US$73.5 billion, 5 per cent higher than last year.

Noble shares closed 1.5 cents higher today at $1.08, before its results were released.

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