Optima Automobile Group Holdings Limited provided group earnings guidance for the first quarter ended 31 March 2020. The company announced that, based on the preliminary review and assessment of the information currently available, including the unaudited consolidated management accounts of the Group (the ‘Management Accounts’) for the three months ended 31 March 2020 (the ‘first quarter 2020’), it is expected that the Group would record a loss before income tax expense for the first quarter 2020 of approximately SGD 0.53 million, as compared to a profit before income tax expense for the corresponding period in 2019 of approximately SGD 0.25 million. Based on the information currently available, the Board considers that such expected loss of the Group for the first quarter 2020 is mainly attributable to the combined effects of (i) a decrease in revenue by at least 25% as a result of the impact on the Singapore economy from the outbreak of the novel coronavirus pandemic (the ‘COVID-19’) in early 2020 as consumers started to stay home due to the business continuity practices implemented by their work places and tightening of expenditure on perceived non-essential spending and the termination of the car rental agreement with one of the Group's major long-term car rental customers. (ii) impairment of trade and other receivables in accordance with HKFRS 9.