AV Promotions Holdings Limited provided Group earnings guidance for the six months ended June 30, 2020. Based on a preliminary review of the unaudited consolidated management accounts of the Company for the six months ended 30 June 2020 (the "Period"), the Group is expected to record a significant decrease in revenue by approximately 68% as compared to the revenue for the corresponding period in 2019 with expected gross loss of not more than HKD 0.5 million for the Period as compared with the gross profit of approximately HKD 28.9 million for the corresponding period in 2019. The gross loss was mainly due to irrevocable cost incurred during the time for the postponement and rescheduling of events. the Board expects that the Group may record a loss attributable to the owners of the Company of not more than HKD 18.0 million for the Period as compared to a profit attributable to owners of the Company of approximately HKD 4.2 million for the corresponding period in 2019. The expected loss for the Period was primarily attributable to (1) the decline in revenue by approximately 68% for the Period due to the postponement and rescheduling of events in Hong Kong, Macau and the PRC as a result of closure of venues and emergency public health measures and various actions such as quarantine order, travel alert or travel restriction imposed by the governments to prevent the spread of the COVID-19, and (2) the accrual of non-recurring professional expenses of approximately HKD 3.5 million for the proposed transfer of listing of the Company from GEM to the Main Board of the Stock Exchange.