The board of Directors of New Times Energy Corporation Limited informed the shareholders of the Company and potential investors that based on the Board 's preliminary assessment of the Group 's unaudited consolidated management accounts for the six months ended 30 June 2023 and information currently available to the Company, the Group expects to record a profit after tax of approximately HKD 55.0 million to HKD 85.0 million for the six months ended 30 June 2023 as compared to a profit after tax of HKD 214.9 million for the same period in 2022. The expected drop in the Group's profit after tax for the six months ended 30 June 2023 was primarily attributable to a sharp decline in Canada 's natural gas commodity prices, which resulted in an approximate 50% drop in revenue for the Group's Canadian oil and gas business as compared to the same period in 2022.