Noble to adopt more conservative accounting practices

Singapore

NOBLE GROUP will try to match its profit and loss statement with its cashflow as much as possible going forward, said its chairman Paul Brough on Monday as he also expressed optimism that the group will soon reach a consensus with perpetual bondholders and shareholders on its restructuring.

He said at a special general meeting (SGM) that the group's ability to make money from incremental businesses is "severely restricted" due to the limited trade finance facilities it has access to. "That is why we have undertaken a more conservative approach to reserving against these (coal) contracts."