The Board of directors I.T Limited announced that based on the preliminary assessment of the latest unaudited consolidated management accounts of the Group and the information currently available to the Board, it is expected that the Group will incur net loss attributable to shareholders of the Company of not less than HKD 300 million for the year ended 29 February 2020. The expected loss was a combined result of: the adverse impact of the social instability to business in Hong Kong and Macau region since mid 2019; the outbreak of COVID-19 since January 2020 which further aggravated the already difficult operational environment, inbound tourism and spending enthusiasm in several of the Group's key operating markets such as Hong Kong and Mainland China were adversely impacted, further suppressing the already dampened retail landscape and slowdown of global economic growth and the Sino-US trade dispute.