Noble swings to net loss of US$28.1m for Q3

Singapore

NOBLE Group swung into a net loss of US$28.1 million for the third quarter ended Sept 30, from a net profit of US$24.7 million, amid constraints on working capital and a cessation of some operations as it adopts an asset-light strategy.

Revenue was 38 per cent lower than a year ago at US$11.6 billion while the group incurred US$60.2 million loss from discontinuing businesses (net of tax).