Kwan Yong Holdings Limited provided earnings guidance for the year ended 30 June 2020. For the year, the company expects to record a net loss of approximately SGD15.2 million before listing expenses for the year ended 30 June 2020 as compared to a net profit of approximately SGD8.3 million before listing expenses for the year ended 30 June 2019. Based on the information currently available, such expected loss was mainly attributable to the following: (i) The unprecedented outbreak of the novel coronavirus (the "COVID-19") in early 2020 which subsequently developed to a global pandemic has severely disrupted global economic activities. The first case of the COVID-19 occurred in Singapore at the end of January 2020 has caused the slowdown of the progress of the on-going projects of the Group. Due to the outbreak of the COVID-19 in the People's Republic of China (the "PRC"), the workers from PRC were unable to report to duty after the Chinese New Year in early 2020. The Group and its subcontractors were unable to find sufficient number of substitute workers to perform the site works of the on-going projects; (ii) In March 2020, the Federal Government of Malaysia announced and implemented the Malaysia Movement Control Order (the " Cordon Sanitaire ") as a preventive measure in response to the COVID-19. The Cordon Sanitaire involved prohibition of movement of people which adversely affected the Group' s supply chain in construction materials between Malaysia and Singapore since March 2020, thus leading to a slowdown of business operation; (iii) In order to control the spread of the COVID-19, many countries have implemented strict public health measures, including lockdowns and border closures to limit the movement of people. The Singapore Government had also imposed circuit breaker measures in which non-essential business activities were suspended from 7 April 2020 to 1 June 2020 (both days inclusive) (the "Circuit Breaker Period"). Since construction works was being identified as non-essential business activity according to the circuit breaker measures, hence, all of the Group's construction sites were suspended during the Circuit Breaker Period which has in turn significantly affected the progress of the Group's construction works. These circuit breaker measures resulted in almost no revenue being recognised by the Group during this period, while the Group was still required to bear the fixed operating costs.