The board of directors of Pico Far East Holdings Limited announced that, based on the financial information currently available to the Board and a preliminary review of the latest unaudited financial statements of the Company and its subsidiaries for the six months ended April 30, 2020, the Group expects to record a significant drop in revenue, and the unaudited profit attributable to the owners of the Company for the six months ended April 30, 2020 is expected to decrease by more than 80% compared to the same period in 2019.