The Times Australia
News From Asia

.
Times Media

.

New Times Energy issues profit alert and expects to post a profit of HK$200 to HK$220 million for first half of 2022

HONG KONG SAR - Media OutReach - 12 August 2022 - New Times Energy Corporation Limited (“the Company” or “New Times Energy”, together with its subsidiaries, the “Group”, HKSE stock code: 0166) is pleased to announce that, the Group expects to record a profit after tax of approximately HK$200 million to HK$220 million for the six months ended 30 June 2022 as compared to a loss of approximately HK$22 million for the same period in 2021.

The Company considers the turnaround in the results was primarily attributable to the contribution of operating profits of its Canadian subsidiary, NTE Energy Canada Ltd. (NTEC).

NTEC is headquartered in Calgary, Alberta and operates over 800 producing wells in various oil and gas fields across the provinces of Alberta and British Columbia, with current oil and gas production of over 12,700 barrels of oil equivalent per day (95% natural gas) and was able to realize substantial positive cash flow from surging commodity prices. The Group also owns a 1,200 acres multi-use site (“NTE Discovery Park”) at Campbell River, British Columbia which is leased to tenants in industries including but not limited to green data centers, modular homes construction, and vertical farming.

NTE Discovery Park has entered into agreements with CubicFarm® Systems Corp. (“CubicFarms”) (TSX:CUB), a leading chain agricultural technology company, in relation to the purchase of 26 CubicFarm System indoor growing modules and setting up vertical farming operations to provide efficient, localized food supply solutions. Using CubicFarms’ CEA technology and given 90% of leafy green vegetables consumed in British Columbia are imported, NTE Discovery Park aims at providing local communities with better access to delicious fresh food year-round without importing over long distances, thereby reducing the carbon footprint of food delivered to consumers. It plans to expand with the sale and manufacturing of an additional 100 modules in the near future.

[Additional information and media on Discovery Park can be accessed at the Group’s corporate website: www.nt-energy.com.]

Hashtag: #NewTimesEnergy

About New Times Energy Corporation Limited

New Times Energy Corporation Limited (HKSE stock code: 166), headquartered in Hong Kong, is an international resource company that operates natural gas weighted assets in Alberta and British Columbia and is taking steps to transform its business model into clean and sustainable energy, in its effort to be a part of the global “Energy Transition” that is underway, with social responsibility towards the environment and climate change at the forefront.


The Times Features

Joykids Australia Presents the Joykids Family Rave: A Weekend Adventure Like No Other

Get ready to kick off the first day of summer and the festive season with an unforgettable family adventure! Joykids Australia is excited to announce the Joykids Family Rave—an...

New study suggests weight loss drugs like Ozempic could help with knee pain. Here’s why there may be a link

The drug semaglutide, commonly known by the brand names Ozempic or Wegovy, was originally developed[1] to help people with type 2 diabetes manage their blood sugar levels. How...

Maintaining Your Pool After a Marble Interior Upgrade

After upgrading your pool with a marble interior, it’s crucial to understand that maintenance is key to preserving its elegance and longevity. You’ll want to regularly skim for d...

Labor using explanatory document to hide true powers of Misinformation Bill

The opinions and commentary of individuals could be deemed misinformation under Labor’s proposed legislation changes, according to James McComish of Victorian Bar. Appearing in...

Hotel Indigo launches limited-edition candle collection inspired by local neighbourhoods across ANZ

Hotel Indigo, part of IHG Hotels & Resorts' luxury and lifestyle portfolio, is releasing a limited-edition candle collection inspired by the unique neighbourhoods its hotel...

Kyndryl ANZ appoints new Head of Strategic Partnerships and Alliances

Former Head of Marketing to lead and grow Kyndryl’s local channel ecosystem and bolster technological capabilities Kyndryl has strengthened its local leadership team with the ...

Times Magazine

Chemical Bunds and its needs

If you have a business that involves water and wastewater treatment, banding could be an essential element to prevent leaking store chemicals and protecting the environment. The guidance you would get on bunding chemical manufacturing or in petro...

Top Tips to Choose the Right Screen Repair for iPhone Service

Screen repair for iPhone is an essential service for anyone who owns an Apple device. Cracked screens, broken LCDs, and other display issues can all be addressed with the help of a qualified technician. Apple's official warranty only covers some ty...

Property app Instarent

Property self-management soars during COVID lockdown The innovative PropTech app, Instarent, has seen exponential growth during the COVID -19 lockdown, reporting a 400 per cent increase in users during March/April 2020. These figures indicate ...

Environmental Benefits of Split System Air Conditioning

The split device air conditioner has numerous benefits for the environment. Energy performance is a design characteristic of these gadgets. When as compared to standard techniques, they use much less power. Reduced energy use consequences in smal...

7 Digital Marketing Strategies To Factor Into Your Wider Online Campaign

While the modern digital marketplace is becoming ever more competitive, the good news is that there are countless ways in which you can market your brand, find your audience, and cut through all of the noise. And the best part? A large number of bu...

The Top 5 Best Self-Employed Delivery Driver Jobs for Independent Workers in Australia

In recent years, Australia's sprawling urban landscapes and growing digital consumer trends have witnessed an explosion of opportunities for self-employed delivery drivers. Independent workers now have various platforms to choose from, each offer...