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Tuesday, 14 May 2013

Noble Group Q1 net profit down 62 pct

SINGAPORE, May 14 (Reuters) - Singapore-listed commodities trader Noble Group Ltd posted a 62 percent fall in first-quarter net profit on Tuesday, saying the challenging operating environment had hurt its margins.

Noble reported net profit of $41.3 million for the three months ended March, down from $110.1 million a year earlier and far below the average net profit forecast of $103.7 million from four analysts polled by Reuters.

Noble said it will continue moving to an "asset light" model and strengthening its balance sheet, while making selective investments.

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