The board of directors Lotus Horizon Holdings Limited announced potential investors that, based on the preliminary assessment on the latest unaudited consolidated management accounts of the Group and other
information currently available to the Board, the Group is expected to record a consolidated net loss of not more than HKD 8.5 million for the year ended 31 March 2023 (the "Financial Year"), as compared to the audited consolidated net loss of approximately HKD 22.7 million for the year ended 31 March 2022. Based on the information currently available, the Board considers that the reduction in loss was mainly attributable to the combined effect of, among others: the absence of the one-off impairment loss of approximately HKD 6.7 million in respect of the entire balance of trade receivables and retention receivables due from a customer recognised in the Corresponding Year; the reduction in additional project overhead costs, subcontracting costs and other costs incurred for acceleration of installation progress and defects fixing due to the delay in construction progress and persistent adverse impact of the COVID-19 pandemic; and the impact of relatively high building materials prices and logistics cost sustained during the Financial Year.