NOVA Group Holdings Limited provided earnings guidance for the consolidated earnings guidance for the six months ended December 31, 2022. The group is expected to record a revenue of approximately HKD 30.4 million for the six months ended 31 December 2022, as compared with that of approximately HKD 66.9 million (as restated) for the six months ended 31 December 2021. The Group is also expected to record a net loss of not more than approximately HKD 330.0 million for the six months ended 31 December 2022, as compared with that of approximately HKD 21.6 million (as restated) for the six months ended 31 December 2021.

The deterioration was mainly attributable to the increase in impairment loss on goodwill by approximately HKD 94.5 million and the increase in impairment losses under expected credit loss model, net of reversal by approximately HKD 191.4 million due to the decrease in actual revenue and estimated revenue in the coming years, and increased credit risk of receivables under the outbreak of the coronavirus disease 2019.