Auto Italia Holdings Limited provided earnings guidance for the year ended 31 December 2023. The Group is expected to record a consolidated loss attributable to owners of the Company of approximately HKD 177 million to HKD 187 million for the year ended 31 December 2023 as compared to the consolidated loss attributable to owners of the Company of approximately HKD 63.4 million for the year ended 31 December 2022. The expected consolidated loss attributable to owners of the Company is primarily attributable to (i) an unrealized fair value losses of the Group's investment of an associate measured at fair value through profit or loss of approximately HKD 121 million which were caused by the unfavorable market condition during the Period; and (ii) an unrealized fair value losses of the investment properties of approximately HKD 53 million during the Period.

Such fair value losses are non-cash in nature.