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Wednesday, 11 May 2011

Noble Q1 net profit soars 77% as revenue hits record high

SINGAPORE - Singapore-listed commodities trading firm Noble Group reported a 77 per cent rise in its first quarter net profit on Wednesday, helped by strong volume growth and higher commodity prices.

The company, which has interests ranging from Brazilian sugar to Australian coal, reported a net profit of US$203 million compared to US$115 million a year ago.

Revenue of the Hong Kong-based company soared 76 per cent to a record US$20 billion. It is the only major global commodity trading house with a public listing.

'Group quarterly volume of 50.1 million metric tonnes, up 17 per cent compared to the first quarter of 2010. Record Group quarterly revenue resulted from the combination of higher commodity prices and higher volume,' the firm said in a statement.

Noble said last week South Korean sovereign wealth fund Korea Investment Corp (KIC) had acquired slightly over one per cent in the company through a purchase from a vehicle associated with Noble founder and chairman Richard Elman. -- REUTERS

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