August 13, 2010

Noble Group reports decrease in Q2 profit

Net profit for Noble Group in the second quarter fell 65% to US$86 million.

The company saw lower profit contributions from its Agriculture segment due to the weaker performance in its Grains division which reported lower crushing margins at its China operations.

Tonnage volume was 43.9 million tonnes with significant increases reported in each of the group's largest bulk commodities - coal & coke, grain and oil & gas.

CEO Ricardo Leiman said the firm is well on its way to achieve its target of doubling profitability over the next few years. He added that the firm's recent successful fund raising efforts will also ensure it continues to maintain a strong overall financial profile.