CHTC Fong's International Company Limited provided unaudited consolidated earnings guidance for the year ended 31 December 2022. For the period, the group is expected to record a loss attributable to the owners of the Company ranging from HKD 200 million to HKD 240 million as compared to profit attributable to owners of the Company of approximately HKD 77 million for the year ended 31 December 2021. The Board considers that the turnaround from net profit to net loss was mainly attributable to (i) the decline in revenue of approximately 15% in the dyeing and finishing machine segment due to the continuous negative impact of the novel coronavirus pandemic on the overall economic environment; (ii) the impairment loss of approximately HKD 80 million in respect of certain long outstanding trade and other receivables from the discontinued operation in the Year; and (iii) the net profit for the year ended 31 December 2021 comprised a gain of approximately HKD 401 million resulting from the final installment payment of RMB 400 million received in respect of the urban renewal project during the year ended 31 December 2021.