Noble

Noble: 2Q16 results slumped into the red on working capital constraints -2Q16 net loss US$54.9m (2Q15: US$62.6m profit)-2Q16 revenue US$12.5b (-32%) - limited to working capital to boost liquidity-Worst performing segments were energy and mining & metals -adjusted net debt crept higher to 41.5% (1Q16: 40.3%, FY15: 40.7%)-liquidity headroom halved to US$0.8b (1Q16: US$1.9b)-Trading at 0.2x P/B. Several brokers appear to have cease coverage.