The board of directors of Chinney Alliance Group Limited informed the shareholders of the Company and potential investors that, based on the information currently available to the Board, the Group is expected to record a decrease in net profit for the year ended 31 December 2022 over 80% as compared to the net profit of HKD 94.4 million recorded for 2021. The Board considers that such decrease in net profit was mainly attributable to: the write-down of property held for sale under development in view of the poor residential property market in Hong Kong, which was non-cash and unrealised; additional site and logistics costs and other overheads resulting from the delayed progress of some projects of the Group's Construction segment and Building Services segment due to the pandemic; the decrease in sales and profit margins of the Group's Plastic and Chemical Products segment due to the decrease in product prices and less demand and orders from Chinese counterparts and factories; and the deficit arising from the revaluation of certain properties in the Mainland China.