The board of directors of Pine Care Group Limited announced that based on the information currently available to the Board in the preparation of the final results of the Group for the year ended 31 March 2022, the Group expects to record a consolidated net loss of not more than HKD 25.0 million for the year ended 31 March 2022 as compared to the consolidated net profit of HKD 3.2 million for the year ended 31 March 2021 despite a moderate increase in the revenue of fiscal year 2022 as compared to that of fiscal year 2021 resulting from the growth in its upscale residential care homes for the elderly amid the challenges posed by the ongoing COVID-19 situation. The Loss for fiscal year 2022 was mainly attributable to (i) the absence of non-recurring subsidies under the Employment Support Scheme of the Hong Kong SAR Government of approximately HKD 16.3 million; (ii) the impairment of assets in relation to the operation of a joint venture; (iii) the impairment of assets in relation to the PRC operation of RCHE in Wuzhen, Zhejiang; and (iv) non-cash share option expenses in relation to share options granted by the Company during fiscal year 2022 as compared to fiscal year 2021.