Published:
Noble's agriculture business threatened by weak margins
4Q12's operating margins plunged to 0.3%.
According to OCBC Investment Research, while management noted that its increased profitability was due to a record performance by the Energy segment and also a strong rebound in the MMO business; the Agriculture division saw continued weakness in 4Q12, where it saw operating margin tumble to 0.3% from 1.9% in 3Q12 and 2.8% in 4Q11, after the Grains and Oilseeds division experienced a very difficult year.
OCBC adds, while management remains upbeat that the Agriculture business will improve in 2013, it notes that any meaningful contributions are more likely in 2014.
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