Noble Group Ltd.'s net loss for the second quarter shrunk to US$128.3 million from an adjusted loss of US$1.75 billion a year ago, in line with the late-July forecast.
The prior-year quarter included exceptional items totaling US$1.26 billion. The company recorded restructuring expenses of US$94.6 million in the quarter, while net finance costs grew to US$66.9 million, from US$46.8 million a year ago.
Revenue dropped to US$1.12 billion from US$1.52 billion as trading volumes slipped to 14.9 million tonnes from 20.5 Mt on a yearly basis.
Total operating income stood at US$75.6 million, compared to a loss of US$146.3 million in the prior year.
Noble said Aug. 14 that over 86% of its existing senior creditors have accepted the restructuring support agreement signed in March.
"The proposed restructuring is expected to result in a sustainable capital structure, and provides for a committed trade finance and hedging facility, which is critically important for the group to continue" operations," the company said.
In the first half, net loss narrowed to US$199.8 million from an adjusted loss of US$1.88 billion a year ago. Revenue dropped to US$2.33 billion, from US$3.45 billion in the first half of 2017.
Meanwhile, Iceberg Research said Aug. 14 that it is arranging a class-action lawsuit against the company on behalf of investors.
The company's shares tanked in February 2017 after a report by Iceberg Research said the Singapore-listed commodities trader is not worth its book value and raised concerns about the company's accounting practices.