Odella Leather Holdings Limited has announced that it is estimated that the revenue and gross profit of the group for the year ended 30 June 2016 would be decreased significantly as compared to the annual result recorded by the group for its financial year ended 30 June 2015 as a result of the sluggish luxury retail market and global macroeconomic downturn. In such connection, the revenue and gross profit for the year ended 30 June 2016 is expected to drop by more than 30% and 40%, respectively, as compared to those of the annual result recorded by the group for its financial year ended 30 June 2015. The decrease in gross profit resulted in significant drop in operating profit as comparing to the operating profit (before taking into account of the listing expenses) in the corresponding year ended 2015. Despite the drop in profit, the group still estimates to have profit before tax for the year ended 30 June 2016.