Chuan Holdings Limited provided unaudited consolidated earnings guidance for the year ended December 31, 2018. The board of directors of the company announced that based on 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 December 31, 2018 as compared to the consolidated net profit for the year ended 31 December 2017 of approximately SGD 5.6 million. Based on the information currently available to the board, such significant decrease in the consolidated profit was mainly attributable to: the intense competition in Singapore construction market resulted in the group's strategy to lower the bid price to secure new projects; the increase in diesel cost in 2018 as compared to 2017; and the increase in tax expense due to the expiry of Productivity and Innovation Credit Scheme in 2017 as the machineries purchased by the Group could no longer entitle enhanced tax reduction.