The board of directors of Grandshores Technology Group Limited announced that based on a preliminary review of the Group's consolidated management accounts for the six months period ended 30 September 2022, the Group is expected to record a loss for the Period of approximately SGD 2.4 million for the Current Period as compared with a profit of approximately SGD 0.4 million for the six months ended 30 September 2021. The Board considers that the change from profit to loss was mainly attributable to (1) the increase in costs and expenses due to labour shortage in Singapore and (2) the increase in fair value loss on financial assets due to decline in global financial market. As the Group's interim results for the Current Period have not yet been finalised, the information contained in this announcement is only a preliminary assessment by the management of the Company which is based on the latest financial information currently available, including but not limited to the Group's consolidated management accounts for the Current Period, which has not been audited by the independent auditors of the Company nor reviewed by the audit committee of the Company as at the date of this announcement and may be subject to adjustment upon further review.