Noble Group Reports 84% Tumble in Profit; CFO Stepping Down
- CFO Van der Zalm steps down for health reasons, company says
- Paul Jackaman to become acting group chief financial officer
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Noble Group Ltd., the commodity trader battling criticism of its accounting methods and tumbling raw-material prices, reported an 84 percent drop in quarterly profit as markets remained difficult, and said its chief financial officer has stepped down.
Net income fell to $24.7 million in the three months to Sept. 30 from $153.9 million a year earlier, the Hong Kong-based trader said in a statement on Thursday. Sales dropped 20 percent to $18.7 billion, Noble said. Tonnages handled were a record, margins rose and the company said that cash flow from operations turned positive in the quarter.