Grand Peace Group Holdings Limited provided earnings guidance for the year ended 31 December 2018. The company announced that, based on a preliminary assessment of the latest unaudited consolidated management accounts of the Group and the information currently available to the Company, the Group expects to record an increase of approximately 30% to 50% in loss for the year ended 31 December 2018, compared with that of the same period in 2017. Such expected increase in loss for the Period is mainly attributable to: (i) substantial decrease in revenue and consequently a decrease in the gross profit as a result of the slowdown of the funeral and loan financing businesses, (ii) the substantial increase in the Group's financial costs for the Period as compared to that for the year ended 31 December 2017 due to increase in borrowing; and (iii) the recognition of impairment loss following the assessment of loan receivables, trade receivables, deposit and other receivables of the Company by an independent third party after the adoption of the Expected Credit Loss Model under Hong Kong Financial Reporting Standard 9 "Financial Instruments" issued by the Hong Kong Institute of Certified Public Accountants in 2018.