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Noble returns to the black in 2016
AN improvement in gross profit margins lifted results for Noble Group in its 2016 financial year.
Net profit was US$8.7 million, a reversal from a net loss of US$1.67 billion in the previous year, the group said in a Singapore Exchange filing on Monday evening.
Noble's loss per share narrowed to 0.14 US cent, from 17.87 US cents in 2015.
For the 12 months ended Dec 31,revenue dropped to US$45.5 billion, from US$60.7 billion in the year-ago period. The decrease in revenue was due partly to the group's constrained liquidity.
The group said its 2016 results have been constrained by its conservative approach to liquidity management, as businesses had to operate below their optimal capacity.
Noble added that it will continue to pursue the same goals laid out previously: to cut back on low-return or loss-making businesses while putting resources into core businesses that it has a competitive advantage in and where it expects to see continued strong returns.