Cypress Jade Agricultural Holdings Limited provided earnings guidance for the year ended December 31, 2014. The Group is expected to record a substantial increase in net loss of approximately HKD 102 million for the year ended 31 December 2014, as compared to the net loss for the year ended 31 December 2013. Such loss was mainly as a result of a substantial decrease in gross profit of approximately HKD 35 million; and a substantial increase in impairment losses recognized for goodwill of and property, plant and equipment approximately HKD 72 million.

Based on the relevant information currently available to the Board, the increase in net loss for the year ended 31 December 2014 was mainly attributable to the inclement weather in the year 2014; the decrease in the average selling price and demand in the vegetable markets in Hong Kong and China; the one-off office relocation expenses in China resulting from business restructuring; and an increase in impairment loss of goodwill and property, plant and equipment for the year ended 31 December 2014.