Vistar Holdings Limited provided consolidated earnings guidance for the quarters ended June 30, 2023. For the quarter, the group is expected to record a decrease of the consolidated profit and total comprehensive income attributable to the Shareholders to not lower than approximately HKD 1.6 million, or a decrease of 44.8% for the Reporting Period as compared with a net profit of approximately HKD 2.9 million recorded for the three months ended 30 June 2022. The Board considers that such variance was mainly attributable to events including the decrease in gross profit driven by less revenue being recognised from the projects of installation services in the completion or substantial completion stage during the Reporting Period, plus increased direct labour and material costs incurred on work performed as a result of inflation driven by shortage of labour and supply chain disruptions on global resources.

The above decrease was offset by (i) the reduction of transfer of listing expenses incurred during the Reporting Period in relation to the proposed transfer of listing of the shares of the Company from GEM to the Main Board of the Stock Exchange as disclosed in the announcements of the Company dated 17 June 2021 and 31 December 2021 and which was discontinued as disclosed in the announcement of the Company dated 28 June 2022, (ii) the reduction of administrative and other operating expenses, and (iii) the reduction of income tax expenses attributable to the decrease in taxable income.