Noble shares down 32% in largest one-day dive; posts Q1 loss of US$129m

Singapore

NOBLE Group's shares were in free fall on Thursday as the group announced a first-quarter loss of US$129.3 million despite a rise in revenue, as well as a major reshuffling of its board.

Blaming the surprise loss on a dislocation in coal markets and higher oil prices, the commodity group said it will continue to focus on cutting costs and ensuring a disciplined management of its balance sheet and liquidity.

The stock plunged 32 per cent, or 42 Singapore cents, to close at 87.5 Singapore cents on Thursday - its worst ever one-day decline since its listing - after the firm warned of a loss for the first quarter on Tuesday night. Some 103 million shares c…