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Noble Group’s profit plunges 84%

 

nobleCommodity trader Noble Group Ltd announced today, November 11th,  its net profit slid 84% in the third quarter. On the same day its chief financial officer resigned for health-related reasons.

According to Noble’s statement net income fell to $24.7 million in the three months to Sept. 30 from $153.9 million a year earlier as sales dropped 20 percent to $18.7 billion, due to losses in its metals and mining segment and in its associate companies, including agricultural associate Noble Agri. In the same period of 2014 the company registered a net profit of US $ 153,9 million.

Read more: Noble Agri appoints heads of sugar, South American operations

Noble’s stock price has fallen more than 60% since February, when an anonymous firm called Iceberg Research accused the company of irregular accounting.

Now the Group announced plans to raise at least $500 million through asset disposals and/or other strategic financial transactions. According to Chief Executive Officer Yusuf Alireza, several transactions are under discussion , but he did not offer a timetable or further details.

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