The board of directors of the Ernest Borel Holdings Limited announced that based on the Board's preliminary review of the unaudited consolidated management accounts of the Group for the ten months ended 31 October 2015, it is expected that the Group will record a substantial decrease in profit for the year ending 31 December 2015 as compared to that of the corresponding period in 2014. This expected decrease is primarily attributable to a decrease in revenue of approximately 33% based on the unaudited consolidated management accounts of the Group for the ten months ended 31 October 2015 and decrease in gross profit and margin due to slow-down in the economic growth of PRC, further deterioration of the retail market in Hong Kong in the third quarter of 2015 as compared to the same period in 2014 and weakened consumer sentiment leading to a decrease in orders placed by watch retailers and authorized distributors.