Shougang Century Holdings Limited provided preliminary unaudited consolidated group earnings guidance for the year ended 31 December 2022 (FY2022). For the year, the group expects to record a profit after tax in the range of approximately HKD 45,000,000 to HKD 55,000,000 as compared to the profit after tax of approximately HKD 81,000,000 for the year ended 31 December 2021. The Board considers that the decrease in profit after tax was mainly attributable to the impact of the resurgence of the COVID-19 pandemic in FY2022 on economic activities, which led to a decline in automotive sales and reduction in transportation volume, weakening the demand of accessorial and replacement tyres; and the fact that the increase in production costs could not be fully passed to the downstream, resulting in the reduction in gross profit.