Noble swings to net loss of US$28.1m for Q3

Singapore

NOBLE Group swung into a net loss of US$28.1 million for the third quarter ended Sept 30, from a net profit of US$24.7 million, amid constraints on working capital and a cessation of some operations as it adopts an asset-light strategy.

Revenue was 38 per cent lower than a year ago at US$11.6 billion while the group incurred US$60.2 million loss from discontinuing businesses (net of tax).

The commodities supply chain manager said that its 2016 results have been significantly impacted by its "conservative approach to liquidity management".

"Businesses continued to be constrained in the latest quarter and are operating well below optimal earnings' capacity. Business rationalisation…