(Bloomberg) -- Noble Group Holdings Ltd., the embattled commodity trader which underwent a massive restructuring, extended earnings losses and warned that coronavirus-led disruptions to global supply chains could continue into the first quarter of next year.
The company posted a net loss of $46 million in the third quarter, taking its nine-month loss to $377 million, as the pandemic impacted markets, according to a statement on Friday.
The company -- which remains unlisted and the subject of an investigation by Singaporean authorities -- announced last month that Jim Dubow will become executive chairman, and will be leading the group full-time after Chief Executive Officer Will Randall stepped down from his role.
Noble has returned some cash to its creditors, buying back $270 million of bonds since July, according to Dubow. Still, its recent string of losses means that its liabilities once again exceed its assets, less than two years after its restructuring.
The company’s spending on staff costs increased sharply in the third quarter to $21 million, from $13 million the previous quarter.
“Trading conditions remain very challenging but our commercial teams are well prepared to manage through this period and continue to meet the needs of our customers,” Dubow said in a separate statement on Friday.
“Pricing of our high-volume commodities remains depressed and this inevitably puts pressure on margins which were compressed in the period,” Dubow said. “Some of our suppliers have significantly cut production as a response to the price environment.”
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