The board of directors Four Seas Mercantile Holdings Limited is expected to record unaudited profit attributable to the Company's shareholders of between HKD 55 million and HKD 60 million for the six months ended 30 September 2022, as compared to the same profit of approximately HKD 15.4 million for the same period last year. The increase was primarily attributable to the receipts of income tax and consumption tax refunds in the net sum of approximately HKD 39 million, after deducting the professional fees incurred, by Miyata Co. Ltd., a subsidiary of the Company in Japan, from its local authorities in respect of over-provisions of taxation in prior years.

There was no similar tax refund item for the same period last year.