New Times Energy Corporation Limited announced that based on the Board's preliminary review of the unaudited consolidated management accounts of the Group for the year ended 31 December 2019, and the information currently available, the Group is expected to record a consolidated net loss after tax in the range of approximately HKD 2,245.0 million to HKD 2,335.0 million for the year ended 31 December 2019, as compared to a consolidated net loss after tax of approximately HKD 257.2 million for the year ended 31 December 2018. The consolidated net loss after tax of the Group for the year ended 31 December 2019 was primarily attributable to the recognition of the provision for full impairment loss on the Group's exploration and evaluation assets in the Tartagal Oriental and Morillo Concessions of approximately HKD 2,243.3 million (further details of which are set out in the announcement of the Company dated 6 February 2020), which was absent for the year ended 31 December 2018. Excluding the effect of the said impairment loss, the Group's consolidated net loss after tax for the year ended 31 December 2019 is expected to significantly decrease when compared to the previous year. This was principally due to: a decrease in net fair value loss of the Group's investment holding in certain equity securities listed in Hong Kong (as compared to the same period in 2018); the absence of the provision for impairment losses on the Group's promissory note receivable and certain other receivables (as compared to the same period in 2018); and an increase in gain on hyperinflation monetary adjustments arising from the Group's Argentine operations (as compared to the same period in 2018).