Noble Group Ltd. lost money in the second quarter and net debt increased as the embattled commodities trader withdraws from some markets in an attempt to conserve cash and reverse a two-year collapse in its shares.
The company made a loss of $54.9 million in the three months to June compared with a net profit of $62.6 million a year earlier, according to a statement on Thursday. Sales declined 32 percent to $12.5 billion. The Hong Kong-based firm was reporting its first earnings under new co-chief executive officers Jeff Frase and William Randall.
In a tumultuous 18 months, Noble Group has lost its blue chip status and investment-grade rating amid sliding markets and criticisms of its financial reporting. Former CEO Yusuf Alireza quit a…
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