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Commodities trader Noble posts interim loss

21st August 2020

By: Creamer Media Reporter

     

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The Covid-19 pandemic continues to impact on commodity markets, Hong Kong-based trader Noble Group said on Friday, reporting an after-tax loss of $331-million in the first six months of the year.

“Trading during the period was dominated by Covid-19, which continues to impact our markets and disrupt global supply chains across our business,” chairperson Jim Dubow said on Friday.

Group revenues were proportionally lower at $1.46-billion, owing to the depressed market conditions.

However, Noble had witnessed “some” recovery in the second quarter and its overall trading volumes in the first half increased by 36% year-on-year, driven by the energy segment with consistent volumes in the freight business.

Post restructuring in 2018, Noble had targeted long-term volumes of 75-million to 85-million tonnes and the company said it continued the progress towards this goal.

“The 2018 restructuring set the group on a firm footing for a new sustainable growth journey. Despite a challenging macroeconomic environment, positive strides have been made, creating a platform to drive further long-term improvement through 2020 and beyond,” Noble stated.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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