Pak Fah Yeow International Limited provided earning guidance for the year ended 31 December 2020. Based on preliminary assessment of the management accounts of the Group, the board of directors of the Company wishes to inform the shareholders of the Company and potential investors that the Group is expected to record a consolidated net loss attributable to the owners of the Company for the year ended 31 December 2020 of approximately HKD 38.4 million as compared to the published consolidated net profit attributable to the owners of the Company of HKD 36.0 million for the same corresponding period in 2019. The Board considers that the expected loss was mainly attributable to (1) significant decrease in the sales revenue of Hoe Hin products for the year ended 31 December 2020 of not less than 25.0% as compared to HKD 136.6 million of the corresponding period in 2019, which was mainly due to adverse economic conditions from the COVID-19 pandemic; and (2) significant unrealized fair value loss on the Group's investment properties of approximately HKD 64.8 million as compared to the unrealised fair value loss of HKD 1.4 million of the corresponding period in 2019 due to assessment of property valuation.