The board of directors of Excel Development (Holdings) Limited announced that the shareholders of the company and potential investors that, based on the information currently available to the Board, the Group is expected to record a substantial loss attributable to the shareholders not more than HKD 35 million for the year ended 31 March 2016 as compared to the profit attributable to the shareholders for the year ended 31 March 2015. The reasons for the expected loss are mainly attributed to: (i) the unsatisfactory results of the civil engineering works due to increasing costs of operation; and (ii) the finance costs of approximately HKD 12 million charged on the convertible bonds and promissory notes in relation to the newly acquired automotive engine business.