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Noble incurs Q1 net loss of US$129.5m despite rise in revenue
NOBLE Group fell into the red with a net loss of US$129.5 million for the first quarter despite a rise in revenue as operating income from supply chains plunged.
The group had recorded a net profit of US$40.5 million in the same period a year ago. Revenue in the quarter rose 10 per cent year-on-year to US$12.6 billion.
Noble said that the operating environment was very challenging for the group in the first three months of this year.
"The dislocation in coal markets, and the very thin trading liquidity witnessed in the respective hedging instruments, was detrimental to the short term - 12 week - outturn," it said.
"Additionally, higher oil prices in the period absorbed working capital and also hurt profitability as we continued to preserve liquidity."
The group also announced various board changes, with independent non-executive director Paul Brough being appointed as its new chairman. He replaces Richard Elman who will now take on a non-executive role as founder and chairman emeritus.