By Melvin Yong –
SINGAPORE : Hong Kong-based Noble Group, a major commodity trader in Asia, has reported a six-fold rise in its latest quarterly earnings.
Net profit for the third quarter – the three months to September – came to nearly US$82 million or S$135 million.
Revenue also jumped a strong 79 percent to US$2.06 billion.
The improved showing was due to strong demand in China for its products.
Singapore-listed Noble trades a wide range of commodities including metals, minerals, ores, grains, coffee and cocoa.
The group says it continues to see robust demand from China, and does not expect the country’s interest rate hike to directly have an impact on demand.
But it is cautious about the outlook for global bulk freight rates.
It says the freight component as part of its total costs are at historical highs.
Noble did not give an earnings forecast, except to say it has never felt better about the company and its future prospects. – CNA
Source: Channel News Asia