Plus   Neg

Noble Group Warns On Up To $1.9 Bln Losses In Q4

Noble Group Ltd (NOBGF.PK), a Hong Kong-based commodities trader, warned Monday that it sees a fourth-quarter net loss of up to $1.93 billion. The company also said it was making progress on its debt-restructuring talks.

Noble said in a statement, "Operating conditions continued to be challenging in 4Q 2017 as the group continued to manage the business within existing constraints in trade finance and liquidity availability."

The company will report a net loss of $1.73 billion to $1.93 billion for the fourth quarter resulting from non-cash losses from its mark-to-market derivatives portfolio. This brings potential losses for 2017 between $4.78 billion and $4.98 billion.

Last month, the company had announced a deal with creditors to restructure $3.5 billion in debt, fending off bankruptcy. The company now said the talks continue to be productive.

The company warned that the expected net loss would result in a negative net asset position.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Pfizer said Friday it reached a multi-year deal with Gilead Sciences to manufacture and supply Gilead's investigational antiviral remdesivir for COVID-19 patients. Ferring Pharmaceuticals US is recalling various nasal sprays citing superpotency or amounts of desmopressin higher than specified, the U.S. Food and Drug Administration announced in a statement. The recall involves all lots on the market of DDAVP Nasal Spray 10 mcg/0.1mL, Desmopressin Acetate Nasal Spray 10 mcg/0.1mL, and STIMATE Nasal Spray 1.5 mg/mL. U.S. President Donald Trump has issued executive orders to ban Chinese mobile application TikTok as well as WeChat, citing a threat to national security and its economy. China's ByteDance Ltd. owns TikTok, a video-sharing mobile app, while Tencent Holdings Ltd. owns WeChat, a messaging, social media, and electronic payment app.
Follow RTT