Noble: (S$0.345) 1Q16 missed amid distractions and depressed commodity dynamics
- Sorely missed street expectations as its 1Q16 net profit plummeted US$40.5m (-62%)
- Revenue of US$11.39b (-31.5%) was hit by declines across the board
- Bled cash during the quarter with operating cash outflow of US$392m
- Though it secured US$3b of credit lines, finance costs might escalate eating into its already razor thin margins
- Weak energy and metals market offers no graces to Noble
- Currently trades at 0.48x P/B vs Glencore's 0.65x
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