Fullwealth International Group Holdings Limited provided unaudited consolidated earnings guidance for six months ended 30 June 2023. For the period, the company expects net loss of around HKD 40 million for the Current Period, as compared to the net profits of approximately HKD 13 million for the corresponding period in 2022. The Board considers that the net loss is mainly attributable to the following reasons: For the segment of civil, engineering, building and other works: Due to the unexpectedly bad geological condition in the work site and impacted by the bad weather condition during the Current Period, the construction period for the projects had been postponed. As a result, the Group incurred additional management costs, labour costs, subcontracting fees and overhead costs, which led to a segment loss of around HKD 20 million for the Current Period; and During the Current Period, no new construction project was awarded to the Group and the Group only had one existing project on hand. For the segment of entertainment education business: During the Current Period, no new customer joined the education and training course launched by the Group in Mainland China as the Group ceased to provide new courses due to the tightened policy on education and training business in Mainland China since 2022; and During the Current Period, the Group only provided the arts and culture education and
training courses for the existing customers who joined in 2022, and the relevant revenue was not sufficient to cover the costs. Thus, the Group recorded a segment loss of around
HKD 3 million as compared to the segment profits of approximately HKD 57 million for the Corresponding Period.