The board of directors of Netel Technology (Holdings) Limited announced that based on a preliminary assessment of the unaudited consolidated management accounts of the company for the quarter ended 31 August 2018 and other information currently available, the company is expected to record a profit attributable to the shareholders for the quarter ended 31 August 2018 as compared to a loss of approximately HKD 5.8 million with the corresponding period in 2017. The Board considers that such turnaround was mainly due to the increase in revenue in both the company's telecommunication segment and IT application segment as a result of the company securing various contracts from customers and recognising revenue based on provision of services thereunder, and decrease in administrative expenses of the company.