Elate Holdings Limited provided earnings guidance for the year ended 31 December 2022. It is estimated that the Group will record a consolidated net profit for the year of approximately USD 0.5 million for the year ended 31 December 2022, as compared to the consolidated net profit for the year of approximately USD 4.8 million for the year ended 31 December 2021. The Board considers that the decrease in profit for the year ended 31 December 2022 was mainly attributable to the increase in energy costs, labour costs and hence subcontracting costs of the graphite production, which was mainly due to the conflict in Ukraine and the increase in the rate of inflation in 2022.