Time Watch Investments Limited provided group earnings guidance for the six months ended 31 December 2019. The board of directors of the company inform the shareholders of the company and potential investors that, based on the information currently available to the company and the preliminary review of the unaudited consolidated results of the group for the six months ended 31 December 2019, it is expected that the profit for the period attributable to the owners of the company for six months of fiscal year 2020 will decrease by approximately 20% as compared to that for the six months ended 31 December 2018. The Board considers that such decrease was mainly attributable to the loss attributable to the discontinued operation of the global distribution of third-party licensed international brands of watches business segment of the Group during six months of fiscal year 2020; and less favorable operating environment in the watch market in the geographical locations where the Group's business operates, namely, the United States of America, the People's Republic of China and Hong Kong, which in turn increased the costs and expenses.