New Times Corp (00166) announced that the group expects to record a net loss of approximately HK$800 million for the fiscal year ending December 31, 2025. This compares to a net loss of about HK$87.4 million for the previous fiscal year ended December 31, 2024. The anticipated increase in net loss for the 2025 fiscal year is primarily attributed to two factors: (i) a disposal loss generated from the sale of oil and gas assets located in Argentina through the disposal of Gaoyun Group Limited in December 2025; and (ii) the absence of fair value gains on the group's investment properties in Canada, whereas a fair value gain of HK$111 million was recorded last year. The board of directors emphasizes that the majority of the expected loss for the 2025 fiscal year stems from accounting treatment related to the cumulative, long-term, and substantial depreciation of the Argentine Peso against the Hong Kong Dollar, which has depreciated by approximately 99%. The exchange rate moved from about 0.8 Argentine Pesos to 1 Hong Kong Dollar in 2007 to approximately 186.5 Argentine Pesos to 1 Hong Kong Dollar by December 2025. Following the disposal of the Argentine operations, accumulated exchange losses of approximately HK$670 million were required to be reclassified from the foreign currency translation reserve to the income statement in accordance with Hong Kong Financial Reporting Standards. The board stresses that this loss is non-recurring, non-cash, and one-off in nature. It will not impact the group's total equity and has no effect on its continuing operations.