The board of directors of TC Orient Lighting Holdings Limited announced that based on the preliminary review of the unaudited management accounts of the group for the period ended April 30, 2014, which comprises loss of around HKD 13 million in the PCB business and loss of around HKD 7 million in the LED business, it is expected that the group will continue to record losses for the period ended June 30, 2014 due to the decrease in the gross profit margin of the printed circuit board (PCB) business, which is believed to be mainly attributable to the more intense competition in the PCB industry, excess capacity of machinery in the PCB business and reduction in the average sales price of PCB, and decrease in revenue from the LED business in view of the keen competition in pricing of the LED business which has resulted in fewer projects being taken up by the group after balancing the risk and return. The group's loss for the period ended April 30, 2014 includes depreciation of approximately HKD 8 million, which is non-cash item.