SINGAPORE (Nov 16): OCBC Investment Research has pared down its FY15 and FY16 earnings forecasts for Noble Group by 12% and 10% respectively, to account for the weak year-to-date performance by the commodities trader.

As it is, Noble’s 9M FY15 earnings tumbled 48% to US$193.9 million ($276.1 million), making up 61% of OCBC’s full-year forecast. Revenue fell 17% to US$53.69 billion, meeting 69% of estimate.

The main drag on earnings lies with Noble’s metals & mining segment. OCBC notes management expects demand for non-ferrous and ferrous metals will remain soft going forward.

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