Magnus Concordia Group Limited provided unaudited consolidated earnings guidance for the six months ended September 30, 2023. For the period, the Group is expected to record a decrease in loss attributable to owners of the Company from approximately HKD 173 million for the six months ended 30 September 2022 to an estimated range of approximately HKD 54 million to HKD 60 million for the six months ended 30 September 2023. The Board considers that the estimated decrease in loss of the Group's result was mainly attributable to the decrease in provision for impairment of stock of properties made as at 30 September 2023 for the property development project in Zigong City, Sichuan Province, the People's Republic of China.

The Company measured the stock of properties at the lower of cost and net realizable value, and made provision for impairment loss arising from the excess of carrying values of the properties over their recoverable amounts.