NEW TIMES CORP (00166) announced its interim results for the six months ended June 30, 2025. The group recorded revenue of HK$7.086 billion, representing a year-on-year increase of 56.85%. Loss attributable to owners of the company amounted to HK$61.1 million, up 145.38% compared to the same period last year. Loss per share was HK$0.007.

The after-tax loss was primarily attributable to the net impact of the following factors: Weak natural gas prices and declining production volumes in the group's Canadian energy operations, which compressed operating margins under a largely fixed cost structure, resulting in negative EBITDA for the period. Unlike the first half of 2024 when production was disrupted by wildfires, the first half of 2025 was affected by pipeline transportation restrictions from Nova Gas Transmission Ltd. (NGTL), the continued shutdown of Horn River Basin following the closure of third-party facilities in mid-2024, and voluntary production cuts due to depressed pricing in the Horn River Basin.

The group's precious metals refining and trading business continued to record losses, primarily due to low refinery utilization rates, challenging market conditions, and intensified competition from the Middle East, despite increased overall sales volumes compared to the same period last year.

However, driven by improved market sentiment, the group achieved net investment gains of HK$9.3 million, reversing the losses recorded in the corresponding period last year.