The board of Beaver Group (Holding) Company Limited announced that, based on a preliminary review on the unaudited consolidated management accounts of the Group for the nine months ended 31 December 2017, the Group is expected to record a loss ranging from approximately HKD 5.0 million to approximately HKD 7.6 million for the nine months ended 31 December 2017 as compared with a net profit of approximately HKD 3.4 million for the same period of 2016. The Board considers that the loss was primarily attributable to the following factors: the cost overrun incurred in a project in Macau awarded after the listing of the Company mainly due to the increase in material costs, machinery costs and labour costs; the decrease in gross profit by the Group mainly due to delays in work progress of the project located in Kwun Tong District (Project code 61 as disclosed in the Company's prospectus dated 29 September 2017 with total initial contract sum of approximately HKD 24.8 million) being attributable to the variations instructed by the employer of the project; however, the Group will negotiate with the employer of the project to seek compensation for additional time and cost of the said delay; and the increase in professional fees, staff costs and other operating expenses following the listing of the Company since October 2017.