Magnus Concordia : PROFIT ALERT AND ESTIMATED REDUCTION OF LOSS

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(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1172)

PROFIT ALERT AND ESTIMATED REDUCTION OF LOSS

This announcement is made by Magnus Concordia Group Limited (the "Company" and together with its subsidiaries, the "Group") pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and Part XIVA of the Securities and Futures Ordinance.

The board of directors of the Company (the "Board") wishes to inform the shareholders of the Company (the "Shareholders") and potential investors that based on the preliminary assessment of the unaudited consolidated management accounts of the Group for the year ended 31 March 2021 and information currently available to the management, the Group is expected to record a decrease in loss or possibly a turnaround to profit attributable to owners of the Company ranging from a loss of not more than approximately HK$10 million to a profit of not more than approximately HK$15 million for the year ended 31 March 2021, as compared with the loss of approximately HK$74 million for the year ended 31 March 2020.

The Board considers that the estimated decrease in loss or possibly turnaround to profit of the Group's results was mainly attributable to (i) the decrease in valuation losses of certain investment properties; (ii) the increase in fair value gain on mark-to-market valuation of corporate bonds portfolio; and (iii) the various cost savings measures adopted by the Group. The above factors were partially offset by the absence of a one-off bargain purchase gain of approximately HK$60 million recorded in the year ended 31 March 2020 upon completion of acquisition of a property development project in Zigong City, Sichuan Province, the People's Republic of China.

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The Board considers that the overall business operation and financial position of the Group remain healthy and solid. The revenue of the Group is expected to increase significantly by over 500% for the year ended 31 March 2021 mainly owing to the upsurge in sales of completed residential units from the aforementioned property development project in Zigong City which was acquired in August 2019, as compared with the revenue of the Group of approximately HK$310 million for the year ended 31 March 2020.

The Company is still in the process of finalizing the annual results of the Group for the year ended 31 March 2021 (the "Annual Results"). The information contained in this announcement is only based on the preliminary assessment of the Group's unaudited consolidated management accounts and information currently available to the management of the Group, which is subject to finalization and adjustments, if any, and have not been audited by the independent auditor of the Company nor reviewed by the audit committee of the Board. The audited Annual Results announcement will be published in due course pursuant to the requirements of the Listing Rules.

Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company.

By Order of the Board

Magnus Concordia Group Limited

Li Qing

Director

Hong Kong, 23 April 2021

As at the date of this announcement, Mr. Li Qing and Ms. Au Hoi Lee Janet are the executive directors of the Company, and Mr. Lam Chi Hung Louis, Mr. Hung Kin Man and Mr. Ho Man are the independent non-executive directors of the Company.

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