Noble Group, part owner of the Jamalco alumina refinery in Clarendon, has thrown light on the exceptional losses it booked last year after being queried on the issue by the Singapore Exchange (SGX).
It said it recorded a loss of about US$2.15 billion after applying additional non-cash reserves and making valuation adjustments to its net fair value gains on commodity contracts and derivative financial instruments.
Noble told the SGX that its change in reserving approach was the result of a board-mandated detailed reassessment of its balance sheet reserves, as part of the strategic review commenced in May last year.
It said it had to make the adjustments after it posted a loss in the first quarter last year, which caused lenders to react and hurt its access to funding.
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