Hands Form Holdings Limited provided earnings guidance for the ten Months ended October 31, 2020. For the quarter, the company expects to record a consolidated net profit of not more than HKD 10 million for the year ending 31 December 2020, as compared to the consolidated net profit of approximately HK$35.8 million for the year ended 31 December 2019. The Board is of the view that the expected decrease in net profit is due to the aggregate effect of the following: decrease in revenue due to substantial completion of the projects on hand during the year ending 31 December 2020 and competitive construction project pricing arising from intense market competition; decrease in the gross profit margin due to the need to employ additional subcontractors and resources to deal with unexpected changes to the on-site arrangements initiated by main contractors and delay in site progress due to the sustaining outbreak of Novel Coronavirus Disease 2019 (COVID-19) has resulted in an increase in subcontracting costs owing to the prolonged need for maintaining the required site workforce; and the negative effect of (a) and (b) above was partially offset by the recognition of one-off government subsidy granted to the Group under Employment Support Scheme for the Construction Sector launched by the Construction Industry Council in connection with the outbreak of COVID-19.