Revenue for this division, which includes its petrochemical operations and a minor sideline in carbon credits, reached $US4.74 billion, an 18.5% gain year-on-year.

However, the group’s net profit fell quarter-on-quarter because of a $US154 million one-off gain in the June period from a revaluation in the acquired Gloucester Coal assets.

Total net profit of $US132 million in the September quarter was 47% less than the $249 million reached in the June quarter.

Noble said tonnage volume for its coal and coke products had improved as industrial clients focused on reliable and creditworthy suppliers.

“In the past, rising thermal coal prices motivated buyers to increase their spot purchases, but recent price weakness has shifted buyer behaviour to a flight to quality,” the company said.

“Accordingly, Noble has been able to secure new forward contracts which should improve the division’s tonnage volumes in the future.”

In June, Noble acquired control of Gloucester Coal, lifting its stake to 87.71% via a $A7 per share cash offer, with the move costing $264.8 million in total.

The commodities trader has a 68.5% stake in unlisted Donaldson Coal, which operates its namesake open cut mine in the Hunter Valley, New South Wales, along with two bord and pillar underground coal mines, all within 26km of the Port of Newcastle.

Noble is also in a joint venture with Macarthur Coal for the Monto project 140km west of Gladstone.

Based in Hong Kong and listed in Singapore, Noble has diversified revenue streams from agricultural, mining, petrochemicals and logistics business segments.