Magnificent Hotel Investments Limited, Shun Ho Property Investments Limited and Shun Ho Holdings Limited provides unaudited consolidated earnings guidance for the year ended December 31, 2020. For the year, the company expected available, it is expected that there would be a drop in revenue for Year 2020 in the range of 40% - 50%, 30% - 40% and 30% - 40% for MHI, SHP and SHH respectively, as compared to that for the financial year ended 31 December 2019 ("Year 2019"); and the respective loss attributable to owners of MHI, SHP and SHH for Year 2020 would
be approximately HKD 200 million, HKD 170 million and HKD 95 million, whereas the respective net profit attributable to owners of MHI, SHP and SHH were approximately HKD 32 million, HKD 17 million and HKD 4 million for Year 2019. The loss attributable to owners expected to be incurred by the Groups for Year 2020 is primarily attributable to revaluation reduction of the fair value on investment properties and depreciation charges on hotel properties, all of which are non-cash items. Besides, during Year 2020, the Groups' core hotel business which is undertaken through MHI and SHP has dropped drastically as compared to that in Year 2019 due to serious disruption caused by COVID-19 as indicated in the interim results of the Groups for 2020 released on 19 August 2020. Nevertheless, the management has taken prompt measures to streamline operating structure and to control operating costs.