The board of directors of Hong Kong Economic Times Holdings Limited informed the shareholders of the Company and potential investors that, based on the preliminary assessment of the unaudited consolidated management accounts of the Group for the year ended 31 March 2020 and the information currently available to the Board, the Group is expected to record a significant decline in profit attributable to owners of the Company for the year ended 31 March 2020 by approximately 85% as compared to the last financial year. Such decline is mainly attributable to the poor economic environment and the severe disruptions and extreme market and operating conditions caused by COVID-19 pandemic on the Group's business and the continuous social unrest since mid 2019.