Emerging Towns & Cities Singapore Ltd. provided earnings guidance for the first quarter ended March 31, 2023. The group is expected to report a loss for the first quarter of the financial year ending 31 December 2023, based on a preliminary review of the unaudited financial results of the Group for first quarter of 2023. The expected loss is mainly attributable to the following: higher selling and distribution expenses mainly due to higher sales commission expenses and higher advertisement costs in the Golden City project in first quarter of 2023; higher administrative expenses mainly due to higher foreign exchange losses and higher professional fees incurred in the Golden City project in first quarter of 2023; and higher finance costs mainly due to higher financing expense on borrowings in the Golden City project in first quarter of 2023.