NEW TIMES CORP released its interim results, with a loss attributable to shareholders of HKD 61.1 million, an increase of 145.38% year-on-year
NEW TIMES CORP released its interim results for the period ending June 30, 2025, reporting a loss attributable to shareholders of HKD 61.1 million, an increase of 145.38% year-on-year. The group's revenue was HKD 7.086 billion, an increase of 56.85% year-on-year. The loss was mainly due to weak natural gas prices and a decline in production from its Canadian energy business, leading to a compression of operating profit margins. Despite continued losses in the precious metals refining and trading business, net investment income improved to HKD 9.3 million
According to the Zhitong Finance APP, NEW TIMES CORP (00166) released its interim results for the six months ending June 30, 2025, reporting revenue of HKD 7.086 billion, an increase of 56.85% year-on-year; the loss attributable to shareholders was HKD 61.1 million, an increase of 145.38% year-on-year; and the loss per share was HKD 0.007.
The after-tax loss was mainly due to the net impact of the following factors: weak natural gas prices and a decline in the Group's Canadian energy business output, which compressed operating profit margins under a largely fixed cost structure, resulting in negative EBITDA for the period. Unlike the production disruptions caused by wildfires in the first half of 2024, the performance in the first half of 2025 was affected by pipeline delivery restrictions from Nova Gas Transmission Ltd. (NGTL), the continued shutdown of the Horn River Basin following the closure of third-party facilities in mid-2024, and proactive production cuts due to low prices in the Horn River Basin; the Group's precious metals refining and trading business continued to record losses, primarily because, despite an overall increase in sales compared to the same period last year, it still faced low refinery utilization rates, severe market conditions, and intensified competition from the Middle East; and driven by improved stock market sentiment, it achieved a net investment income of HKD 9.3 million, reversing the losses from the same period last year
