Crosstec Group Holdings Limited provided group earnings guidance for the year ended 30 June 2022. The board of directors of the company informed the shareholders of the Company and potential investors that, based on the information currently available and the preliminary review on the Group's unaudited consolidated management accounts for the year ended 30 June 2022, the Group is expected to record a consolidated net loss for the Year of approximately HKD 21.9 million, as compared with the consolidated net loss of approximately HKD 11.8 million for the year ended 30 June 2021. The Board considers that the increase in the consolidated net loss of the Group for the Year is mainly attributable to the following reasons: the decrease in revenue (2022: approximately HKD 40.0 million; 2021: approximately HKD 86.6 million) and gross profit (2022: approximately HKD 11.7 million; 2021: approximately HKD 18.7 million) by approximately HKD 46.6 million and approximately HKD 7.0 million respectively mainly due to the continued slowdown in implementing the business strategies in relation to renovation and new shops roll out of certain major customers of the Group especially in the US, the UK and other European countries under the continuous impact of the COVID-19 and the growing threats of the deteriorated economic environment; and the recognition of impairment loss on certain property, plant and equipment of the Group of approximately HKD 3.3 million (the "Impairment Loss") due to the deteriorated economic environment and uncertain outlook of the Group's business following the outbreak of the COVID-19 pandemic.