Noble's rusty metal division drags net profit by 5% in 2Q

It overshadowed successes by the energy subsidiary.

A 70% plunge in aluminum spot premiums proved costly for the supply conglomerate, causing a whopping USD50m dip from their USD109m last year.

"Noble also announced the results of PwC’s review of its mark-to-market models, valuations and governance framework. PwC has given positive assurance Noble’s mark-to-market valuations comply with relevant requirements," said the report by Maybank Kim Eng.

Meanwhile, its energy business roared with a robust oil-liquids business, while being slightly offset by a weaker Chinese demand for coal.

"Although EBIT fell 18% YoY due to an extremely good 2Q14, it improved by 94% QoQ thanks to the new gas & power supply contracts signed in 2Q15," added the report.

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