Noble Group chalked up another quarterly loss as it was forced to shun potentially profitable trading opportunities to focus on paying down debt and conserving capital.
In the three months to September the Hong Kong-based group recorded a net loss of $28.1m, against a profit of $24.7m a year earlier as it took a $60m of restructuring charges. Shipments handled by the company fell 25 per cent to 56.8m tonnes.
Our 2016 results have been significantly impacted by our conservative approach to liquidity management, said Noble. Businesses continued to be constrained in the latest quarter and are operating well below optimal earnings capacity.
That was most evident in Nobles core energy unit, where working capital constraints, combined wi…
Read the full article at: http://www.ft.com/fastft/2016/11/10/restructuring-costs-push-noble-group-to-further-losses/