By Carine Lee
Noble Group on Thursday said its net earnings for the first quarter ended
March 31, 2012 fell 46 per cent year on year to US$110.1 million from US$203.19
million.
The decrease in profit is despite a record revenue of US$22.84 billion, up 14 per cent from US$20.02 billion a year ago, on record revenue from its energy segment.
The decrease in net profit is due to a US$25.72 million loss in supply chain assets, after charging the costs and expenses incurred in conjunction with its asset recycling program as well as a provision against its long-term equity portfolio.
This compares to the profit of US$53 million a year ago, which was bolstered by the income generated from the disposal of its fleet management business.
The decrease in profit is despite a record revenue of US$22.84 billion, up 14 per cent from US$20.02 billion a year ago, on record revenue from its energy segment.
The decrease in net profit is due to a US$25.72 million loss in supply chain assets, after charging the costs and expenses incurred in conjunction with its asset recycling program as well as a provision against its long-term equity portfolio.
This compares to the profit of US$53 million a year ago, which was bolstered by the income generated from the disposal of its fleet management business.
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