The board of directors of Food Wise Holdings Limited announced that, based on the preliminary review on the unaudited management accounts of the group for the year ended 31 March 2017, the group is expected to record a net loss for the year ended 31 March 2017 as compared with the net profit recorded for the year ended 31 March 2016. The Board considers that the group's profit turned to loss mainly due to the inclusion of non-recurring listing expenses; the decrease in revenue resulted from decrease in the aggregated number of operating days of restaurants being the net effect of opening and closing of restaurants during the two years ended 31 March 2017; the increase in staff costs to support the group's business expansion; the increase in monthly rental of the group's leased properties upon renewal of the relevant leases and new properties leased for its replacement restaurants; and the inclusion of initial start-up costs for the group's first full-menu Vietnamese-style casual dining restaurant, which was opened in March 2017. When excluding the non-recurring listing expenses for the two years ended 31 March 2017 and the gain on disposal of fixed assets for the year ended 31 March 2016, the group would have recorded a profit for the year ended 31 March 2017, which represents a decrease of approximately 60% as compared with that for the year ended 31 March 2016.