The board of directors of Polyard Petroleum International Group Limited informed the shareholders of the company and potential investors that the company and its subsidiaries (collectively the group) are expected to record a loss for the year ended December 31, 2012 as compared to a significant profit reported for the corresponding year in 2011. The board considers that the loss of the group for the year ended December 31, 2012 was mainly attributable to the impairment loss on interests in a jointly controlled entity and associates.