Cosmopolitan International Holdings Limited provided group earnings guidance for the year ended December 31, 2022. The board of directors of the company informed the holders of the securities of the company and potential investors that, based on the preliminary review by management of the Company on the unaudited consolidated management accounts of the Group for the year ended December 31, 2022, it is expected that the profit attained by the Group for the financial year ended December 31, 2022 will decrease by about 88% to approximately HKD 4 million, as compared with the net profit of HKD 33.6 million recorded for the preceding year. The decrease in the profit attained in the year under review was primarily attributable to the
comparatively lower level of revenue derived from the sale of properties in the Group's two major development projects in Chengdu and Tianjin in the People's Republic of China and, additionally, in the preceding year, there was relatively substantial profit contribution from the Group's securities investment business. The estimated net profit is only based on the unaudited consolidated management accounts of the Group for the year ended December 31, 2022. The audited consolidated financial statements of the Group for the year ended December 31, 2022 are still being finalised.