Singamas Container Holdings Limited based on the preliminary assessment of the unaudited consolidated management accounts of the Group for the year ended 31 December 2020 (the "Relevant Year") and information currently available to the Board, the Group is expected to report a marginal consolidated profit for the Relevant Year as compared to a loss of approximately USD 110,230,000 attributable to the owner of the Company for the financial year ended 31 December 2019. The expected result included non-recurring items recorded during the Relevant Year, namely a gain on disposal of approximately USD 8,500,000 in relation to the disposal of Tianjin Pacific Container Company Limited and an expected credit loss of approximately USD 16,200,000 in relation to the receivables from the Company's controlling shareholder and its subsidiaries. If excluding such non-recurring items, the net profit from core operations for the Relevant Year is expected to be more than USD 10,000,000, compared to a loss of approximately USD 81,000,000 from core operations for the financial year ended 31 December 2019. The expected increase in the net profit from core operations for the Relevant Year was mainly attributable to the growth in the demand for containers as a result from the port congestions at numerous countries around the world caused by COVID-19 and the Group's successful shift towards the "New Singamas" as a leading manufacturer of specialised containers and expansion of product range and clientele. The Group's business performance has improved significantly in the second half of year 2020 due to an increase in sales volume and an increase in gross profit margin across most of the products.