Hao Bai International (Cayman) Limited provided earnings guidance for the nine months ended December 31, 2019. For the nine months, the Group is expected to record a net loss for the nine months ended 31 December 2019 (the "Reporting Period") as compared to a net profit of approximately HKD 3.0 million for the nine months ended 31 December 2018. Similar to the reasons for the loss as disclosed in the Interim Report and the Announcement, the loss for the nine months ended 31 December 2019 was mainly attributable to (i) the decline in gross profit margin as a result of certain works performed under variation orders during the Reporting Period which carried a relatively lower gross profit margin; (ii) the decrease in revenue derived from projects in Macau which generally enjoy a relatively higher gross profit margin as compared to projects in Hong Kong; (iii) the absence of revenue derived from consultancy services which typically have relatively higher gross profit margin; and (iv) the decrease in revenue for the Reporting Period as certain mega-sized projects have been approaching their completion date with lesser amount of work done, and substantial amounts of revenue for the said mega-size projects had already been recognised in prior periods.