May 15, 2018 / 9:44 AM / 4 months ago

Noble Group narrows Q1 loss; business hit by weak funding

SINGAPORE, May 15 (Reuters) - Embattled commodities trader Noble Group Ltd reported a smaller quarterly net loss as it enters a make-or-break phase ahead of shareholder meetings and legal rulings that will decide the company’s fate.

Once Asia’s largest commodity trader, Singapore-listed Noble has shrunk its business after selling billions of dollars of assets, taking hefty writedowns and cutting hundreds of jobs over the past three years to raise funds and slash debt.

Noble posted a net loss of $72 million in the January to March period versus a loss of $129 million a year ago, the company said. Revenue fell 37 percent to $1.2 billion.

It said the group’s performance was impacted by continued constraints, with the business unable to take advantage of strength in global commodity markets. (Reporting by Anshuman Daga; Editing by Tom Hogue and Christian Schmollinger)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below