New Times Energy Corporation Limited provided consolidated earnings guidance for the year ended December 31, 2018. The board of Directors of the company announced that, based on the Board's preliminary review of the unaudited consolidated management accounts of the Group for the year ended 31 December 2018, and the information currently available to the Group, the Group is expected to record a consolidated net loss after tax in the range of approximately HKD 231.5 million to HKD 282.9 million for the year ended 31 December 2018, as compared to a consolidated net profit after tax of approximately HKD 101.7 million for the year ended 31 December 2017. The consolidated net loss after tax of the Group for the year ended 31 December 2018 was primarily attributable to the following: the absence of reversal of previously recognised impairment loss on the Group's exploration and evaluation assets in the year, as compared to a reversal in the previous year; net fair value loss recognised on the Group's investment holding in certain equity securities listed in Hong Kong; an impairment loss on the promissory note issued by Foothills Exploration Operating Inc.; an impairment loss recognised on certain trade and other receivables; and net foreign exchange loss.