The board of directors of Advanced Card Systems Holdings Limited informed the shareholders of the company and potential investors that based on the unaudited management accounts of the group for the five months ended 31 May 2016 and other information currently available, the Group is expected to record a net loss for the six months ending 30 June 2016, as compared with the net profit recorded for the corresponding period of 2015, due to the following reasons: (1) there was a receipt of benefit amounted to USD 1.3 million (equivalent to HKD 10.1 million) under life insurance policy for the late Mr. Wong Yiu Chu in the corresponding period of 2015 as disclosed in the company's announcements dated 14 and 26 May 2015, the amount was one-off in nature that no such income was recorded in 2016; (2) there was significant decrease in revenue as compared with the corresponding period of 2015 due to postponement of placement of orders by clients in the first half of 2016 as a result of global economy downturn; and (3) there was a non-recurring loss of approximately HKD 5.5 million (which included expenses incurred amounting to approximately HKD 3.6 million and provision made for redundancy and termination payment to staff of approximately HKD 1.9 million) as a result of the internal restructuring of the Group as disclosed in the company's announcement dated 11 May 2016.