Ascent Bridge Limited provided group earnings guidance for the fifteen months ended March 31, 2023. The Board of Directors of Ascent Bridge Limited announced that, following a preliminary review of the unaudited consolidated financial results for fifteen (15) months on the financial period ended 31 March 2023, the Group is expected to report loss for full year 2023. The losses were mainly due to: Sales of Moutai Bulao products in the USA began only in late September 2022 due to a prolonged process of brand and pricing registration in various states.

The Group had to go through the necessary steps and approvals required by each state to register the brand and establish pricing for the products. This registration process, which can vary from state to state, took a significant amount of time, causing delays in the launch of Moutai Bulao products in the US market. As a result, sales were only able to commence in late September 2022.

In FY2023, the Group managed to complete brand and pricing registration in New York, California, New Jersey and Florida, and currently in the process for Georgia and Nevada. In FY2023, sales agreements were signed with distributors in Cambodia, Vietnam, Netherland and Croatia (cover 26 Schengen countries), however, full payment is pending as the distributors are working on obtaining local regulatory approvals for importation and distribution, as well as finalisation of marketing programs between the parties to ensure a more effective product rollout. Consequently, the Group's sales contribution in FY2023 is lower than expected.

The non-recurring transaction costs incurred for acquiring MTBL Global group and the proposed acquisition of 80% equity interest in Octopus Distribution Pte Ltd. and 80% equity interest in Nereus Cape Pte Ltd. and 39.2% equity interest in Luen Heng F&B Sdn Bhd (collectively called "Octopus Group").