Kwan Yong Holdings Limited provided unaudited consolidated earnings guidance for the year ended 30 June 2021. The company group is expected to record a net loss of approximately SGD 6.0 million for the year ended 30 June 2021 as compared to the net loss of approximately SGD 17.0 million for the year ended 30 June 2020. Based on the information currently available, such decrease in the net loss for the year ended 30 June 2021 was mainly attributable to the following: (i) increase in other operating income for the year ended 30 June 2021, due to employment incentives, productivity improvement and related grants and rebates in response to the novel coronavirus (the "COVID-19") pandemic received from Singapore Government; (ii) decrease in operating expenses for the year ended 30 June 2021 as a result of cost reduction measures taken by the Group in response to the COVID-19 pandemic including but not limited to a reduction in salaries and streamlining of the workforce of the Group; and (iii) the above-mentioned factors were partially offset by the (a) slow and gradual resumption of both public and private sectors construction works, which resulted in lower revenue of approximately 29.0% for the year ended 30 June 2021; (b) the COVID-19 pandemic which slowed down the progress of certain projects leading to an increase in construction costs for the year ended 30 June 2021; (c) the ongoing COVID-19 situation in India, Bangladesh, Nepal, Sri Lanka, and its neighbouring countries which led to restrictions on the inflow of migrant workers. The severity of the labour crunch is exacerbated by workers leaving Singapore and the poaching of workers from competitors; and (d) the increase in construction cost during the year ended 30 June 2021 due to continued disruption of delivery of key construction materials from Malaysia, largely attributable to the policies and measures implemented by the Malaysia Government in response to the sharp increase in the number of confirmed cases of COVID-19 in Malaysia, including a nationwide movement control order implemented as well as various social distancing measures and lockdown measures during the year ended 30 June 2021.