The board of directors of New Times Energy Corporation Limited announced that based on the preliminary review of the unaudited consolidated management accounts of the group and information currently available, the group is expected to record a consolidated net profit for the six months ended 30 June 2013, as compared to the consolidated net loss for the six months ended 30 June 2012. The turnaround is mainly due to gain on disposal of oil and gas interest in Texas and Louisiana; reversal of impairment loss on convertible notes issued by BCM Energy Partners Inc.; and gain on bargain purchase arising from acquisition of Golden Giants Limited in relation to the upstream operation in Utah.