SINGAPORE (Nov 9): Noble Group, the troubled commodity trader, sunk into deeper 3Q net losses of US$1.17 billion ($4.2 billion) from restated net losses of US$28.4 million a year ago.

Revenue fell 18% to US$1.46 billion from restated US$1.79 billion.

Net loss for the 9M ended Sept came in at US$3.05 billion.​

The group says it continues to make progress on the actions determined under the strategic review.

New Chairman Paul Brough has given priority to a further reduction in the group’s indebtedness.

Noble says the operating environment continues to be challenging and this impacted performance through the nine months ended Sept.

Conservative liquidity management and constraints placed on the group’s access to trade finance lines led to disruption costs and prevented the group from taking advantage of profitable trading opportunities, with volumes dropping 26% year-on-year.

Shares in Noble closed at 27 cents on Thursday.