The board of directors of Chuan Holdings Limited announced that, based on the preliminary assessment of the unaudited consolidated management accounts of the Group, the Group is expected to record a significant decrease in its consolidated profit attributable to owners of the Company for the year ended 31 December 2019 as compared to that for the year ended 31 December 2018. Based on the information currently available to the Board, such a significant decrease in the consolidated profit attributable to owners of the Company was mainly attributable to: the decrease in revenue as a result of significant impact brought about by volatile global economy such as (i) the drawn-out trade war between China and the United States; (ii) rising trade barriers and associated uncertainties which weighed heavily on business sentiment and inhibited economic activities globally; and (iii) magnified cyclical and structural slowdowns, which increased the competition in Singapore construction market resulting in the Group's strategy to lower the bid price to secure new projects which lead to a fall in revenue; and the increase in operating cost such as dumping fee and diesel cost in 2019 as compared to 2018.