The board of directors of Fullwealth Construction Holdings Company Limited informed the shareholders and potential investors of the Company that, based on the preliminary assessment by the Board of the latest available unaudited consolidated management accounts of the Group for the six months ended 30 June 2020 and the latest information available to the Board, the Group is expected to record a net loss of not more than HKD 45 million as compared with a net profit of approximately HKD 6.3 million for the corresponding period last year. The loss was primarily attributable to, among other factors, the following reasons: progress of certain projects was slowed down by COVID-19 and the outbreak has resulted in an increase in construction costs due to the prolonged retention of the required site workforce and disruption of delivery of construction materials; and certain projects with lower gross profit margin were undertaken during the six months ended 30 June 2020 as a result of increased competition in the market and significant initial set up costs incurred for certain projects.