1957 & Co. (Hospitality) Limited provided earnings guidance for year ended 31 December 2023. The Group is expected to record a net loss in the range of approximately HKD 1 million to HKD 3 million for the 2023 Financial Year as compared to a net profit of approximately HKD 3 million for the corresponding period in 2022.

The expected turnaround from profit to loss for the 2023 Financial Year was mainly attributable to the decrease in other gains and income due to the reduction in subsidies of approximately HKD 16.3 million received by the Group from the Hong Kong Government from the Employment Support Scheme and Catering Business (Social Distancing) Subsidy Scheme under the Anti-epidemic Fund.