The board of directors of Kingwell Group Limited informed that the Group expects to record a significant increase in net loss for the year ended 30 June 2022 ranging between approximately HKD 16 million and HKD 20 million, as compared to a net loss of approximately HKD 7 million in the last year. The significant increase in loss was mainly attributable to the impairment for the intangible asset of Russia Gold Mine. Due to the War and Covid-19, most of the Russian labours had infected and refused to go out for mining work.

The Group had no choice to temporary suspense the mining operation in 2022. The Group expects the Covid-19 vaccine are stably and effective and the Russia gold mine will resume the normal production in 2023.