Willas-Array Electronics (Holdings) Limited provided consolidated earnings guidance for the financial year ending March 31, 2016. The company expected that it will record a consolidated net loss for the financial year ending March 31, 2016. In view of the Winding-up Petition and the financial performance of GW Electronics for the period between April 1, 2015 and February 29, 2016, in accordance with the International Financial Reporting Standards, the Board has evaluated and decided to make full impairment to the group's interests in GW Electronics.

The impairment loss and share of loss of GW Electronics of approximately HKD 108 million in aggregate will be recognized in the group's financial results for 2016, of which HKD 64.2 million has already been accounted for and reflected in the group's financial results for the first half year ended September 30, 2015. Based on the unaudited consolidated management accounts for the period between April 1, 2015 and February 29, 2016, in view of the said impairment loss and share of loss of GW Electronics of approximately HKD 108 million in aggregate, it is expected that the consolidated financial results of the Company will reflect an overall consolidated net loss position for 2016.