Symphony Holdings Limited provided earnings guidance for the twelve months ended 31 December 2016. For the period, based on the preliminary review of the management accounts of the Company and its subsidiaries for the twelve months ended 31 December 2016, which have not been reviewed or audited by the independent auditors and/or the audit committee, it is expected that the Group's consolidated profit attributable to the shareholders of the Company for the year ended 31 December 2016 may decrease by approximately 84% as compared to that of the corresponding period in 2015. The Board considers that the expected decrease in the unaudited consolidated net profit for the twelve months ended 31 December 2016 is mainly attributable to the fact that during the twelve months ended 31 December 2015, there was a one-off net gain from the disposal of the trademarks and intellectual property relating to the "PONY" brand in the United States of America, Mexico and Canada at an aggregate amount of approximately HKD 194 million which was not repeated in the twelve months ended 31 December 2016. Excluding this factor, the audited year end results for the twelve months ended 31 December 2015 would have recorded a consolidated loss and the unaudited full year results for the twelve months ended 31 December 2016 is expected to improve when compared to that in the corresponding period of last year mainly due to (i) improved overall cost control on all segments of the business; (ii) improved performance of the remaining portion of the "PONY" brand; and (iii) decreasing losses of the outlet and duty free operation.