SMI Culture & Travel Group Holdings Limited provided consolidated earnings guidance for the year ended 31 December 2018. For the year, based on the information currently available to the Board and the preliminary review of the latest unaudited consolidated management accounts of the Group, the Group is expected to record further increase in loss for the year ended 31 December 2018 as compared to the loss of approximately HKD 134 million for the year ended 31 December 2017. Based on information currently available to he Board, the expected loss for the Current Year was mainly attributable to the recognition of impairment loss on the goodwill during the Current Year; the recognition of impairment loss arising from the loss allowance on the expected credit losses of the trade and other receivables after adoption of Hong Kong Financial Reporting Standard 9 " Financial Instruments " that has changed the Group ' s impairment model by replacing the Hong Kong Accounting Standard 39 "incurred loss model" to "expected credit losses model" in the Current Year; and the recognition of impairment loss on films rights investments during the Current Year.