Noble Group's net profit crashed 30% to $142.2m in Q1

Due to higher losses from associates.

Noble Group reported that its net profit declined 30% year-on-year to $142.2m (US$106.6m) in the first quarter.

The decline was brought about by an underperformance from its major operational assets, Yancoal and Noble Agri.

"Our associates, principally our two major operational associates Yancoal and Noble Agri, underperformed compared to our expectations, lowering group net income by about $70mm for the quarter," stated Noble.

However, the group also noted that Q1 2014 results were boosted by extreme US energy market conditions that had resulted from the polar vortex.

In line with its pledge of greater transparency, Noble also adopted improved disclosure protocols in its Q1 results.

"The accounts that we have filed this evening with the SGX reflect the more detailed disclosure of a
number of balance sheet items, some of which will also be highlighted in the investor presentation," Noble stated.