Singapore-listed Noble Group said it expects to book US$1.2 billion (S$1.68 billion) of non-cash impairments and one-off items in its fourth quarter, citing low prices for coal and other commodities.
Asia's biggest commodity trader, which has been trying to boost investor confidence after a bruising accounting dispute, expects to report a net loss in the quarter ending December 31 and for last year, it said in a statement to the Singapore bourse on Tuesday.
"Management has recommended and the board has accepted that, while it is not the company's base case scenario, there is a potential scenario where coal prices will remain at these lower levels for an extended period and it is therefore prudent to reflect this view in the assumptions upon which the company's valuations are based," Noble said.
Already under pressure in a weak commodities market, Noble's shares have lost nearly 70 per cent over the past year after Iceberg Research alleged it was inflating its assets by billions of dollars.
Noble rejected the claims and board-appointed consultant PricewaterhouseCoopers found it had complied with international rules.