SINGAPORE - Singapore-listed commodities firm Noble Group on Wednesday reported a net loss of US$17.5 million, compared with a net profit of US$157 million a year earlier, hurt by volatile market conditions.
Noble said that it was reporting a quarterly net loss for the first time in over a decade since it began reporting results.
The company said last month that it was seeking to list its agriculture business on the Singapore Exchange, but warned that the process would be subject to market conditions.
'We announced some weeks ago that we are in the process of obtaining approval for an IPO of our agriculture business, Noble Agri,' said Noble chairman Richard Elman in a statement.
'Progress is good and we believe that the market will be receptive to this initiative. The market reaction from potential investors has been very encouraging. More about this later.'
Two sources told Reuters on Tuesday that Noble has added Citigroup and Goldman Sachs as bookrunners for the planned US$700 million IPO of its agriculture business next year alongside JPMorgan. -- REUTERS
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