CWT International Limited provided group earnings guidance for the year ended December 31, 2021. For the year, Group is expected to record a profit after taxation of not less than HKD 250 million from its continuing operations, representing a significant increase of not less than approximately 200% as compared to the prior year ended 31 December 2020, where a profit after taxation of approximately HKD 84 million was recognized from the continuing operations. Based on the information presently available, the Board considers that the expected increase in the profitability of the Group from continuing operations during the year ended 31 December 2021 was mainly due to the following reasons: the significant increase in the logistics service segment's profit before taxation, which was mainly contributed by the increase in profit derived from freight logistics business, driven by exceptionally high demand for LCL (Less than Container Load) services and acute carriers space shortage situation.

Careful management of the circumstances and the successful capitalisation of the market conditions drove margins to an exceptionally high level thereby boosting the Group's gross profit; and the significant decrease in finance cost due to: the repayment of the outstanding principal and interest due under the facility agreement entered into by the Company in September 2018; and the entering into of a promissory note which is of a lower interest rate as compared to the facility agreement. For further details, refer to the announcement of the Company dated 3 September 2020.