Magnus Concordia Group Limited provided consolidated earnings guidance for the year ended 31 March 2024. For the year, the Group is expected to record a decrease in loss attributable to owners of the Company (Decrease in Loss) from approximately HKD 353 million for the year ended 31 March 2023 to an estimated range of approximately HKD 112 million to HKD 123 million for the year ended 31 March 2024. The Board considers that the expected Decrease in Loss for Fiscal Year 2024 was mainly attributable to the drop in provision for write-down of stock of properties made as at 31 March 2024 for the property development project in Zigong City, Sichuan Province, the People's Republic of China.

The Company measured the stock of properties at the lower of cost and net realizable value, and made provision for impairment loss arising from the excess of carrying values of the properties over their recoverable amounts.