The board of directors of SingAsia Holdings Limited informed the shareholders of the company and potential investors that, based on the preliminary review by the Board of the unaudited consolidated management accounts of the Group for the year ended 31 July 2017 (Fiscal Year 2017), the Group is expected to record a loss in the amount of not exceeding SGD 1,000,000. For the year ended 31 July 2016, the company also recorded a loss in the amount of approximately SGD 1,297,000, which had included one-off listing expenses of approximately SGD 3,296,000. The Board considers that the loss was mainly attributable to (i) a decrease in the revenue and gross profit of the Group's business, which was mainly due to unfavourable market conditions and intense price competition; and (ii) an increase in administrative expenses following the listing of the company's shares on GEM since July 2016.