AV Promotions Holdings Limited announced that, based on a preliminary review of the unaudited consolidated management accounts of the Company for the three months ended 31 March 2020, the Group is expected to record a significant decrease in revenue for the Period not more than 60% as compared to the revenue for the corresponding period in 2019 with expected gross loss not more than HKD 2.8 million for the Period as compared with gross profit of approximately HKD 8.3 million for the corresponding period in 2019. The gross loss was caused mainly due to irrevocable cost incurred during the time for the postponement and rescheduling of events. Based on such information, the Board expects that the Group may record a loss attributable to the owners of the Company not more than HKD 10.0 million for the Period as compared to a profit attributable to owners of the Company of approximately HKD 0.04 million for the corresponding period in 2019. The expected loss for the Period was primarily attributable to the decline in revenue caused by the decrease in number of events conducted on by the Group by approximately 63.7% for the Period due to the postponement and rescheduling of events by the organizers in Hong Kong, Macau and the PRC as a result of closure of venues across the infected regions of the Coronavirus Disease 2019 and emergency public health measures and various actions such as quarantine order, travel alert or travel restriction imposed by the local government to prevent the spread of the epidemic.