The Board of Directors of Far East Group Limited announced that, following a preliminary review of the unaudited consolidated financial results of the Group for the financial year ended 31 December 2023, the Group is expected to report a consolidated net loss for fiscal year 2023 compared with a net profit for the preceding financial year ended 31 December 2022. The net loss was mainly due to higher inflationary pressures from higher costs of raw materials, increased subcontractor charges relative to level of revenue, and finance costs. The increase in respective costs, coupled with the slowdown in the South East Asia region and the slow recovery of the Group's business in the People's Republic of China, led to the losses.