Noble’s profit dives 88.4% to S$51.5m in 1H16

Net losses for the quarter jumped to S$73.8m.

As its bid to restructure company rolls on, Noble Group’s net profit plummeted 88.4% to S$51.5 million (US$ 38.3 million) in 1H16 as against S$445.9 million (US$ 331.4 million) in the same period last year.

According to the company, revenue for the first of half of 2016 also plunged 29.1% S$31.1 billion (US$ 23.1 billion) from S$43.9 billion (US$ 32.6 billion) a year ago.

To make things worse, Noble declared $73.8 million (US$54.9 million) net losses in 2Q16 as it prioritised raising the company’s liquidity over improving profit.

“We are well on track to raise S$2.7 billion (US$2 billion) cash that was previously announced while the S$672.6 million (US$500.0 million) rights issue closed successfully, being 173% oversubscribed,” Noble Group said.

The company expects to complete restructuring by end of the year, it added.