SINGAPORE Feb 27 Noble Group Ltd
reported a full year profit of $8.7 million in the year ending
December 2016 versus a huge loss in the previous year when the
Singapore-listed commodities trader restructured its business
The Hong Kong-headquartered company is slowly recovering
after the restructuring, cutting debt and boosting liquidity
amid a long-term downtrend in commodity prices. In 2015, it
reported a loss of $1.67 billion, its first in nearly two
"Management continues to pursue the same goals that we laid
out previously - to rationalise low return or loss making
businesses while devoting resources to those core businesses in
which we have a competitive advantage and where we expect to see
continued strong returns over a cycle," Noble said in a
statement on Monday.
Noble's revenue declined 30 percent to $46.5 billion last
year. In line with the company's efforts to cut leverage, net
debt to capital fell to 42 percent from 55 percent a year ago.
Noble's troubles started two years ago when its accounts
were questioned by Iceberg Research, sparking a dramatic
collapse in its share price and ratings agency downgrades,
forcing a sale of its assets and a fund raising to allay
financing worries in a brutal commodities market. Noble has
stood by its accounts.
(Reporting by Anshuman Daga; Editing by Muralikumar