The Singapore-listed trading giant reported net income of $194.8m in the three months to 30 June, compared to a gain of $139.8m in the same leg of 2011.

Revenues rose to $24.2bn from $19.7bn year-on-year following a surge in volumes, which grew to 53.7 million tonnes from 47.8 million tonnes.

In Monday’s earnings report Noble chief executive Yusuf Alireza said the results were particularly impressive given the “unusually uncertain market environment”.

“Noble