The board of directors of KTL International Holdings Group Limited announced that based on a preliminary assessment by the management of the group on the unaudited consolidated management accounts of the group for the four months ended July 31, 2015, the company records a consolidated loss for the period against a consolidated profit for the corresponding period of 2014. The loss was mainly attributable to a decline in the group's revenue by approximately 49% and gross profit by approximately 61% for the period as compared to the same period in 2014. Based on the information, the decline was primarily attributable to the unfavorable economic environment in Russia and Europe during the period, leading to a decrease in sales of the group by approximately HKD 191.5 million and approximately HKD 12.8 million, respectively; and the decrease in average wholesale price of gold fine jewelry products of the group in Russian market by approximately HKD 420 per piece as higher portion of products with simple design were sold to Russia, primarily resulting from the depreciation of Ruble against US dollars and the weakening of purchasing powers of Russian customers.