Ernest Borel Holdings Limited provided consolidated earnings guidance for the year ending December 31, 2016. Based on the Board's preliminary review of the unaudited consolidated management accounts of the Group for the ten months ended 31 October 2016, it is expected that the Group will record a significant increase in net loss for the year ending 31 December 2016 as compared to the corresponding period in 2015. This expected decrease is primarily attributable to a decrease in revenue of approximately 34% based on the unaudited consolidated management accounts of the Group for the ten months ended 31 October 2016 and decrease in gross profit and margin due to further deterioration of the premium watches retail market in PRC and Hong Kong in the first ten months of 2016 as compared to the same period in 2015 leading to a decrease in orders placed by watch retailers and authorized distributors.