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.