Madison Wine Holdings Limited provided unaudited consolidated earnings guidance for the nine months ended 31 December 2016. The Group is expected to record a loss after tax for the nine months ended 31 December 2016 of approximately HKD 10.9 million. Such loss was mainly due to the economic downturn in the retail market; the recognition of the equity-settled share-based payment expenses; and the decrease in the gross profit margin for the purpose to maintain the competitiveness in the market.