Fairwood Holdings Limited provided unaudited consolidated earnings guidance for the year ended March 31, 2020. For the year, the company expected to record a significant decline of approximately 65% to 75% in the profit attributable to Shareholders for the Year, as compared with the profit for the year ended 31 March 2019. The said decline was mainly attributable to: the severe drop in foot traffic and revenue since the outbreak of novel coronavirus ("COVID-19"); the decline in gross profit margin that was mainly due to rising rental and labor costs; and the adoption of Hong Kong Financial Reporting Standard 16, "Leases" ("HKFRS 16"), which took effect on 1 January 2019 and superseded.