The Board of directors of the Kingwell Group Limited announced that, based on the preliminary assessment of the Group's annual results currently available to the Board for the year ended 30 June 2017, the Group is expected to record over 90% increase in loss for the year ended 30 June 2017 as compared with loss for the year ended 30 June 2016. The increase in loss is mainly due to the provision for impairment of an associate. The estimated recoverable amount of the Group's investment in Port First Limited, determined with reference to the cash flows expected to be generated by Port First Limited, dropped significantly. Therefore, Port First Limited should be impaired and the impairment loss was charged to the consolidated statement of profit or loss and other comprehensive income for the year ended 30 June 2017.