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Noble Group's profits climbed 9% to US$471.3m

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According to OCBC Investment Research, Noble Group's reported net profit rose 9% to US$471.3m. However, OCBC notes that this was boosted by a tax credit of US$29.1m (versus tax debit of US$63.6m in FY11)

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Applying a 12% tax rate, we estimate that its earnings would have come in around US$383m, some 8% below our forecast. Noble also reported FY12 revenue of US$94,045.1m, +16%, or around 2% above our estimate, after it shipped a record 224m tons (220m tons in FY11). 

Noble declared a final dividend of US$0.0181/share, versus US$0.0165 in FY11.  

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