The board of directors of the New Times Energy Corporation Limited announced that based on the information currently available to the Board, the Group is expected to record a net loss for the six months ended June 30, 2014 as compared to the net profit in the corresponding six months ended June 30, 2013. The net loss was mainly attributable to the absence of extraordinary items of gain on bargain purchase and net gain on disposal of oil properties in the current period, the increase in administrative expenses and finance costs of the Group and the under- provision of Argentina corporate income tax for prior year.