The board of directors of Petro-king Oilfield Services Limited informed the shareholders of the Company and potential investors that, based on the preliminary assessment of the Group's unaudited consolidated management accounts for the year ended 31 December 2023 and other information currently available, the Group is expected to record a loss of approximately HKD 65 million to HKD 75 million for the Year, as compared with a loss of approximately HKD 27.5 million for the year ended 31 December 2022, representing an increase of approximately 136.4% to 172.7% in loss. The main reason for the increase in loss for the Year was primarily attributable to the increase in loss arising from the impairment of goodwill for the Group's consultancy services cash-generating unit and the increase in technical service fees incurred in relation to the provision of oilfield services, which was being partly offset by the decrease in material cost and the increase in gains on dilution and disposal of interests in associates.