MIE Holdings Corporation provided group earnings guidance for the year ended Dec. 31, 2015. For the year, the group is expected to record a significant net loss compared to a net profit for the year ended 31 December 2014.

The change is primarily due to (a) the very substantial decline in global crude oil prices which resulted in decreases in average oil price realized and net oil sales revenue realized from China and Kazakhstan operations in fiscal year 2015 compared to fiscal year 2014 and (b) expected material non-cash accounting impairment in material assets as a result of lower commodity price assumptions as of year-end 2015 as compared to year-end 2014.