MS Concept Limited provided earning guidance for the year ended 31 March 2022. After preliminary review of the unaudited consolidated management accounts of the Group for the year ended 31 March 2022 and assessment of the information currently available, the board (the "Board") of directors of the Company wishes to inform the shareholders of the Company and potential investors that the Group is expected to record an unaudited consolidated loss of
not more than HK$5.0 million for the Year as compared to the audited consolidated profit of HKD 3.8 million in last year. To the best knowledge of the Directors, the unaudited consolidated loss for the Year was mainly attributable to (a) the outbreak of fifth wave of COVID-19 pandemic in Hong Kong since January 2022 (as explained below); (b) the decrease in government subsidies received during the Year; and (c) the decrease in rent concession granted by landlords during the Year. During the nine months ended 31 December 2021 (the "Period"), the Hong Kong Government relaxed the social distancing measures and overall customer sentiment improved due to the decrease in number of COVID-19 cases. Combined with the launch of Consumption Voucher Scheme by Hong Kong Government since August 2021, the number of customer visits of restaurants increased and the turnover for the Period
increased accordingly. However, the outbreak of fifth wave of COVID-19 pandemic in Hong Kong since January 2022 caused the Hong Kong Government to relaunch the stringent regulatory restrictions on social distancing applicable to the catering business, negatively impacting the number of customer visits to restaurants and affected the Group's overall profitability during January to March 2022 correspondingly.