Noble Turns In Disappointing 1Q12 Results

Noble group said that its 1Q12 profit almost halved as it recorded losses from supply chain assets and a slow agriculture season. 1Q12 net profit stood at US$110.1 million, a 46 percent year-on-year drop despite an increase in revenue to US$22.8 billion. The stark difference in bottom and top line performance pointed to a shrinkage in net profit margin to 0.48 percent from 1.01 percent in 1Q12. Noble remarked that a significant portion of the decline came from a US$78 million plummet in supply chain asset income. Separately, it said that its current divestment of its stake in Australia’s Gloucester Coal is on track and it should be able to sell its Brazilian liquid bulk terminal and storage facility provider, Terminal Maritimo do Maranhao soon.