REVENUE : US$6.1 BILLION
TONNAGE VOLUME : UP 26% TO RECORD 49 MILLION TONS
GROSS PROFIT : US$222.7 MILLION
NET PROFIT : US$90.2 MILLION
Noble Group (SGX: NOBL), the global supply chain manager of agricultural, metals, minerals and ores, and energy products, as well as logistics services announced revenue of US$6.1 billion in the first quarter 2009 supported by a record increase in tonnage volume.
Group tonnage volume during the first quarter 2009 rose to a record 49 million metric tons, a 26% year-on-year increase compared to the first quarter 2008. The broad based increase reflects the Group’s increasingly strong presence in the bulk commodity products as well as clean fuels.
Group gross profit in the first quarter 2009 reached US$222.7 million compared to US$355.0 million in the first quarter 2008 with similar gross profit margins of 3.7%.
Solid performances were reported by our Agricultural segment whose gross profit margin rose to a record 6.8% and our Logistics segment, the gross profit margin of which rose to a near record 36.8%.
Noble’s net profit in the first quarter 2009 was US$90.2 million compared to US$167.1 million in the first quarter 2008 (and an adjusted US$119.3 million excluding the impact of one-off gains.) The Group’s net profit margin rose to 1.5% in the first quarter 2009 compared to 1.3% in the first quarter 2008 excluding one-off gains.
Chairman David Eldon commented, “Noble’s first quarter results represent a solid performance in a difficult economic environment. We see weakness in global industrial production which has reduced input requirements. Nonetheless Noble’s net profit was satisfactory and the year-on-year improvement in our net profit margin is a good indication of Noble’s ability to perform in a down market.
Group tonnage volume during the first quarter 2009 rose to a record 49 million metric tons, a 26% year-on-year increase compared to the first quarter 2008. The broad based increase reflects the Group’s increasingly strong presence in the bulk commodity products as well as clean fuels.
Group gross profit in the first quarter 2009 reached US$222.7 million compared to US$355.0 million in the first quarter 2008 with similar gross profit margins of 3.7%.
Solid performances were reported by our Agricultural segment whose gross profit margin rose to a record 6.8% and our Logistics segment, the gross profit margin of which rose to a near record 36.8%.
Noble’s net profit in the first quarter 2009 was US$90.2 million compared to US$167.1 million in the first quarter 2008 (and an adjusted US$119.3 million excluding the impact of one-off gains.) The Group’s net profit margin rose to 1.5% in the first quarter 2009 compared to 1.3% in the first quarter 2008 excluding one-off gains.
Chairman David Eldon commented, “Noble’s first quarter results represent a solid performance in a difficult economic environment. We see weakness in global industrial production which has reduced input requirements. Nonetheless Noble’s net profit was satisfactory and the year-on-year improvement in our net profit margin is a good indication of Noble’s ability to perform in a down market.
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