The board of directors of Beaver Group (Holding) Company Limited that, based on a preliminary review of the unaudited consolidated management accounts of the Group for the year ended 31 March 2022, the group is expected to record a net loss ranging from approximately HKD 34 million to approximately HKD 40 million for the year ended 31 March 2022 as compared with a net loss of HKD 14.7 million for the year ended 31 March 2021. The Board considers that the increase in net loss was primarily attributable to (i) the decrease in gross profit due to cost overrun in the Group's bored pilling projects, mainly the project located in Hung Hom which experienced delay in work progress; (ii) the provision for impairment of trade and retention receivables; and (iii) the decrease in other income as a result of absence of subsidies of the employment support scheme under the anti-epidemic fund, set up by the government of Hong Kong.