Noble Group reports $1.75 bln Q2 loss, hit by writedowns

Judith Bessette
Agosto 13, 2017

"Conservative liquidity management, scaling back of risk positions and constraints placed on the Group's access to trade finance lines led to disruption costs and prevented the Group from taking advantage of profitable opportunities", the struggling Singapore-listed company said in a statement on Thursday. This resulted in the group recording an operating loss from supply chains of US$1.5 billion, compared with a profit of US$176.5 million a year ago.

For the first half ended June 30, Noble reported a net loss of $1.9 billion which included $1.3 billion of non-cash valuation adjustments taken to the balance sheet.

Revenue in the quarter fell 19% on year to US$10.12 billion from US$12.45 billion.

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Last month, Noble warned investors about the wider second-quarter loss and said it has chose to sell its North American gas and power business and is looking for a buyer for its oil-liquids business to raise cash.

Noble said in a press release that the operating environment continues to be hard, following the announcement of a loss for three months, along with challenges in the commodities' sector. Noble also faces challenges in bolstering the confidence of its lenders, suppliers, customers and other counterparties.

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