The board of directors of REF Holdings Limited informed the shareholders of the company and potential investors that based on a preliminary review of the unaudited consolidated management accounts of the Group for the year ended 31 December 2020, the Group is expected to record a decline in revenue for the current year of approximately 20% to 25% as compared with that for the year ended 31 December 2019. The net profit after tax for the current year is expected to record a decrease of approximately 40% to 50% as compared with the net profit after tax of approximately HKD 33.5 million record for the prior year.