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Noble Group takes hit on discontinued ops, sinks to FY'17 loss of US$4.94B

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Noble Group takes hit on discontinued ops, sinks to FY'17 loss of US$4.94B

In line with its forecast, Noble Group Ltd. on Feb. 28 posted a net loss of US$4.94 billion, or US$3.79 per share, in 2017, swinging from a year-ago profit of US$8.7 million, or 1.42 U.S. cents per share.

The result included a US$1.05 billion loss from discontinued operations as well as US$3.24 billion in exceptional items, which comprised about US$2.15 billion in noncash losses.

The troubled commodities trader also booked noncash impairment charges of about US$140 million resulting from the dilution of its stake in Yancoal Australia Ltd. following the latter's rights offering, among other factors.

Revenue for the year slid nearly 21% to US$6.24 billion as tonnage plunged 28% to 77.8 million tonnes, given the challenging operating environment resulting from the constraints of availability of trade finance and liquidity, according to the company.

Revenue from the group's metals and minerals segment fell 25% to US$3.67 billion.

Noble's cash and cash equivalents, excluding certain items, dropped to US$492 million as of Dec. 31, 2017, from US$1.17 billion in 2016.

Net debt grew to US$3.29 billion, from US$2.87 billion at the end of 2016.

In late January, the company said it reached an in-principle agreement to restructure US$3.4 billion in senior debt by converting half, or about US$1.7 billion, into new equity.

Talks for the debt deal are still continuing, with an ad hoc group progressing discussions with holders of the group's existing senior debt instruments.