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Noble Group Expects To Report Net Loss In Q4 And 2015

Noble Group Limited (NOBGF.PK), a global supply chain manager of agricultural and energy products, metals and minerals, said that it expects to report a net loss for the fourth quarter ended 31 December, 2015 and full year ended 31 December, 2015, after recording US$1.2 billion in non-cash impairments and exceptional charges, in addition to a loss on the sale of Noble Agri.

The Group expects to report positive cash flow from operations again in Q4 2015, generating a cumulative total of approximately US$650 million for the last six months of 2015, excluding a US$55 million increase in cash balances with futures brokers not immediately available for use. The cash balance as at 31 December, 2015 stood at a record US$1.95 billion.

Since September 2015 a number of factors have contributed to the lowering of long term consensus prices for coal and other commodities. Long end crude prices have fallen by almost 40% over a very short period of time.

The Group continues to focus on ensuring ample access to liquidity, supported by the structurally lower commodity prices that are being seen, and expects to deliver US$1 billion in further liquidity by March 2016 (including Noble Agri proceeds).

The company said that further details on the full year results will be disclosed when the Company releases its audited consolidated results for fiscal year 2015 on 25 February, 2016.

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