The board of directors of Shougang Concord Grand (Group) Limited informed the shareholders of the company and potential investors that, based on the preliminary assessment of the Board with reference to the unaudited consolidated management accounts of the company for the period ended 30 June 2019 and other information currently available to the Board, it is expected that the Group would record a profit for the period of not less than HKD 5,000,000 when compared to a loss of approximately HKD 58,000,000 for the period ended 30 June 2018. The expected positive turnaround of the results for the period ended is mainly attributable to no impairment loss on interest in an associate had been recognized during the period under review. An impairment loss on interest in an associate of approximately HKD 64,057,000 was recognized for the six months ended 30 June 2018.