CT Vision S.L. (International) Holdings Limited provided earnings guidance for the six months ended June 30, 2022. For the period, the group expects record a net loss attributable to the Shareholders of not less than approximately HKD 57.8 million for the Period as compared with the net loss attributable to the Shareholders of approximately HKD 42.0 million for the six months ended 30 June 2021. The Board considers that the expected net loss was primarily attributable to the combined effects of, among others, the liquidated and ascertained damages claims (the Claims) for two construction projects (collectively, the Construction Projects) under the building construction business of the Group (the Building Construction Business) amounting to HKD 27.4 million. The Claims were disclosed as contingent liabilities as at 31 December 2021
and have been recognised as cost of revenue in the Management Accounts during the Period based on the confirmation by the employers of the Construction Projects (the Employers). It has been agreed between the Group and the Employers that the Claims will be set off against the construction service fee to be paid by the Employers; and the decrease in revenue generated by the Building Construction Business for the Period as compared to that for the six months ended 30 June 2021 due to the fact that the building construction works under the Building Construction Business had been substantially delayed as a result of the outbreak of COVID-19 pandemic in Hong Kong. Such building construction works were gradually resumed since mid-April 2022.