The board of directors of Global Mastermind Holdings Limited informed the shareholders of the company and its potential investors that, based on the unaudited consolidated management accounts of the Group for the three months ended 31 March 2016 and the information currently available, it is expected that the Group will record a loss of not less than HKD 10,000,000 for the three months ended 31 March 2016 as compared to the loss of HKD 4,856,000 recorded in the three months ended 31 March 2015. The increase in loss is mainly attributable to an estimated loss of HKD 4,200,000 arising on change in fair value of financial assets at fair value through profit or loss for the three months ended 31 March 2016, the absence of the revenue on the sales of hotel rooms in the current period and an increase of HKD 1,400,000 in staff costs.