Noble Group’s net profit crashed 66% to $328.2m in FY14

Due to massive impairments.

Due to massive impairments.Beleaguered Noble Group reported that its net profit crashed 66% to $328.2m (US$438m) in FY14, on back of massive impairments and losses from Territory Resources.

The group has taken impairments, write-offs and provisions amounting to a total of $594.4m (US$438m), in addition to the $126.3m(US$93m) in losses from Territory Resources.

“Most notable is the US$200 million impairment taken on Yancoal. These charges more than extinguished the upward adjustment to the carrying value of our remaining interest in Noble Agri, reflecting the cash sale, and the negative goodwill on Jamalco,” Noble stated.

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