Fullwealth Construction Holdings Company Limited board announced that, based on the preliminary assessment by the Board of the latest available unaudited consolidated management accounts of the Group for the year ended 31 December 2019, the Group is expected to record a decrease in net profit for the year ended 31 December 2019 by approximately 40% as compared with the corresponding period in 2018. Such decrease was primarily attributable to, among other factors, the following reasons: (1) certain projects with lower gross profit margin as a result of increased competition in the market; (2) certain projects with relatively high profit margin were completed or nearly completed for the year ended 31 December 2018, resulting in a comparatively decrease in gross profit for the year ended 31 December 2019; (3) increase in the construction costs; and (4) the political and social turmoil and large scale protests in the second half of the year ended 31 December 2019 had a negative impact on the Group's management of the construction sites, leading to the increase in overall operating costs.