Cathay Media and Education Group Inc. provided consolidated earnings guidance for the the six months ended 30 June 2023. For the six months, the company is expected to record an unaudited consolidated loss for the Reporting Period of not more than RMB 120 million, as compared to an unaudited consolidated profit of RMB 164.5 million for the six months ended 30 June 2022. The expected unaudited consolidated loss for the Reporting Period was mainly attributable to (i) increases in impairment losses on certain long outstanding trade and other receivables and write- down of inventories from its TV/film production and investment business, and (ii) an increase in impairment losses on other receivables in relation to the acquisition of Olympic College primarily due to a change in fair value of Olympic College.

However, the increases in impairment losses on trade and other receivables and write-down of inventories as mentioned in items (i) and (ii) above had no impact on the Group's cash and cash equivalents as at 30 June 2023. For the six month ended 30 June 2022, the Group recorded a gain from the disposal of the discontinued operation.