SINGAPORE (Feb 27): Noble Group, the beleaguered commodities trader, reported net profit of US$8.7 million (S$12.2 million) in FY16, compared with a loss of US$1.67 billion in FY15.

For the 12 months ended Dec, revenue came in at US$45.5 billion versus US$60.7 billion a year ago, as tonnage of commodities traded fell to 222 million tonnes, from 270 million tonnes a year ago.

Noble says it exceeded its target of raising US$2 billion in capital during 2H16, with the closing of the sale of Noble Americas Energy Solutions on Dec 1. Group net debt declined by US$1.1 billion in FY16.

It is also in discussions with banks on refinancing of May 2017 maturities and trade finance support.

In 2016, Noble reduced headcount from about 1,500 to 1,050.

The group says it will be taking further action to control costs and expect to see run-rate cost benefit from these initiatives within 1H17.

For 2018-2019, the group is targeting operating income from supply chains of about US$1 billion and EBIT of about US$550 million.

In a separate announcement, the group says Paul Brough will be appointed as chairman of audit committee with effect from March 1, 2017.

Shares of Noble closed 1 Singaporean cent higher at 23 cents.