Wednesday, May 6, 2009

Daily news - 6 May

Price fall, absence of one-off gain hit Noble's bottomline
Noble Group yesterday reported a 46 per cent year-on-year plunge in its first-quarter net profit to US$90.2 million. It also separately unveiled a higher bid for Australia's Gloucester Coal. The plunge in earnings was caused by two key factors: a general global decline in commodity prices, which pushed revenue down 36 per cent year on year to US$6.08 billion, and the inclusion in the comparative year-ago period of a US$47.95 million one-off gain on disposal of long-term investments. Meanwhile, it said it has revised its bid price for Gloucester Coal to A$6 cash per share - up from A$4.85 previously. The bid aims to thwart a reverse takeover deal between Gloucester and Whitehaven Coal. For the three months ended March 31, 2009, earnings per share were 2.79 US cents - down from 5.34 US cents. Tonnage volume for the period rose 26 per cent year on year to a record 49 million tonnes.

Source: Kim Eng

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