Noble likely to record net loss of US$130m for Q1

NOBLE Group said it is likely to record a net loss of about US$130 million for the three months ended March 31, 2017, it said in a Singapore Exchange filing late on Tuesday night.

It said that the operating environment remained challenging for the group in its first quarter, which was made worse by dislocation in the coal markets during the quarter, causing the decoupling of the prices of key indices, a significant drop in liquidity and breaking down of correlation.

The group said it has taken measures to realign its portfolio to mitigate against the continuation and repeat of such events. Its cost reduction initiatives have also made significant progress, it said.

The group is expected to announce its first quarter results on May 11.