New Times Energy Corporation Limited (HK:0166) has released an update.
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New Times Energy Corporation Limited has issued a profit warning, anticipating a loss after tax of HK$15 million to HK$25 million for the first half of 2024, a stark contrast to the profit of HK$57.9 million in the same period last year. The downturn is largely attributed to a significant decline in revenue from its Canadian upstream business due to persistent low natural gas prices and operational disruptions caused by wildfires. Additionally, its precious metals trading in Hong Kong faced reduced trade volumes and margins, further impacting the Group’s financial performance.
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