Noble Group cuts jobs as Q2 profit dips 5%

Singapore

NOBLE Group, which saw a 5 per cent drop in net profit for the second quarter ended June 30 to US$62.61 million - dragged down by commodities weakness - has embarked on various cost reduction initiatives to potentially yield US$70 million in annual cost savings.

This included a targeted 16 per cent cut in headcount by the end of the year, said its chief executive officer Yusuf Alireza.