News
ENERGY & OFFSHORE | Staff Reporter, Singapore
view(s)

Noble Group issues financial breakdown following $580.18m non-cash loss in Q3

This was prompted by a query from SGX.

Noble responded to SGX queries regarding its financial results following a $580.18m (US$428m) non-cash loss in exceptional items for Q3, according to a filing at the Singapore Exchange.

The embattled commodity trader clarified that it recorded the non-cash loss partly as a result of the significant dilution of the company’s shareholding in Yancoal Australia which reduced shareholding from 13.2% to 0.3%.

The significant dilution of its shares followed Yancoal’s capital raising exercise in which the company judged that the equity method of accounting was no longer appropriate. As such, the investment is now accounted for as long term equity investment.

The non-cash loss associated with the dilution of Noble’s shareholding in Yancoal was $349.34m (US$257.8m) which was recorded as a ‘deemed disposal of an associate.’ As of September 2017, Noble’s investment in Yancoal is at $15.71m (US$11.6m).

Noble also provided a financial breakdown of the $411.9m loss on supply chain asset which is comprised of $562.68m (US$415.3) million loss on supply chain assets classified as exceptional items.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.