Guan Chao Holdings Limited provided earnings guidance for the six months ended 30 June 2022. For the period, the Group expects to record a profit attributable to equity holders of the Company of approximately SGD 2.9 million as compared to approximately SGD 6.2 million for the corresponding period in 2021. Based on the above financial information, such decrease in profit was mainly attributable to the decrease in revenue as a result of decreased demand from customers.

The revenue for the PE2021 was exceptionally good because of the recovery of the adverse impact by COVID-19 as the pandemic remained under control in Singapore during PE2021. The decrease in revenue for the PE2022 was also driven by the increase in Certificate of Entitlement ("COE") price due to the tightening of COE quota which led to a lower market demand.