BCI Group Holdings Limited provided preliminary unaudited consolidated group earnings guidance for the first quarter ended 31 August 2022. For the quarter, the group expects to record a net loss of around HKD 2.6 million (approximately HKD 1.9 million net loss for the corresponding period in 2021). Based on the relevant information currently available to the Company, the net loss was mainly due to cessation of some of the business operations (night club Mudita and studio Maximus) rendering zero revenue in the first quarter from such operations (approximately HKD 2.8 million for the corresponding period in 2021), and decrease in revenue from operation of existing business (night club Faye and sport-themed bar Paper Street) to HKD 9.8 million for the first quarter (approximately HKD 13 million for the corresponding period in 2021).

The revenue dropped because tightened control to contain COVID-19 pandemic (including passing of rapid antigen test before entry to bars and night clubs) has rendered decline in customers' patronage, and expats who have been comprising a significant portion of clientele are relocating out of Hong Kong.