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Noble sinks into the red for Q2 on lower revenue

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NOBLE Group sank into the red in the second quarter as its revenue slumped and expenses grew.

NOBLE Group sank into the red in the second quarter as its revenue slumped and expenses grew.

The commodity trading group recorded a net loss of US$54.9 million, compared to a net profit of US$62.6 million in the previous year.

For the three months ended June 30, revenue fell 32 per cent to US$12.45 billion from the preceding year. The slide in revenue was due partly to a constraint on liquidity, it said on Thursday.

It posted a loss per share of 0.94 US cent, compared to earnings per share of 0.86 US cent in the previous year.

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In a three-page letter, the group's chairman Richard Elman urged investors not to judge the group's value and progress by the three-month yardstick.

"That this task will take longer than a few quarters is a fact of life, and not a reflection of our effort or determination," he said.

In a separate announcement, the group said its board has appointed Zhang Shoulin David, a managing director at CIC Capital, as a non-executive director. His appointment is in addition to the current appointee that CIC already has on the board.

Noble shares closed 0.7 cent higher at 15.5 Singapore cents on Thursday before these announcements.

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