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Bloomberg
Embattled commodity trader Noble Group Ltd — which is pushing towards the final stages of a complex $3.5 billion debt-for-equity restructuring — reported another quarterly loss, with the result driven by costs from the revamp as well as getting caught out in the LNG market.
The energy segment, which consists of liquefied natural gas, coal and oil liquids in Asia, had an operating loss on supply chains of $12 million in the third quarter, the company said on Tuesday. As a whole, the company reported a net loss of $99 million for the period, in line with a warning last month. “The loss in the energy segment is almost entirely due to LNG, we had a couple of cargoes — as you know, they’re pretty big cargoes — we found ourselves on the wrong side of those,†Chief Financial Officer Paul Jackaman said on a conference call. The transactions were unhedged, according to Jackaman.