Lung Kee (Bermuda) Holdings Limited provided earnings guidance for the year ended 31 December 2022. The Group is expected to record a decrease of not less than 90% of net profit for the year ended 31 December 2022 as compared to the year in 2021 (net profit for the year ended 31 December 2021: HKD 228 million). The decrease is mainly due to the decrease of the Group's sales revenue as the significant reduction of aggregate purchase orders in the market caused by the Coronavirus Diseases 2019 pandemic in China with tightened pandemic prevention measures and the unfavorable global economic factors.

The overall market situation for the second half year of 2022 is worse than the first half year. The significant reduction of aggregate purchase orders in the market coupled with the increase of raw material costs and the relatively fixed operation costs resulted in the significant decrease in the Group's revenue and net profit.