The board of directors of Springland International Holdings Limited announced that based on the company's preliminary review of the latest unaudited consolidated management accounts of the Group, it is expected that profit after tax of the Group for the six months ended June 30, 2016 will decrease by approximately 29% to 34% as compared to that of the corresponding period in 2015, mainly due to same store sales for first half of 2016 for both department store and supermarket business dropped by approximately 9% as a result of the continuing weak consumer sentiment and fierce competition in PRC and an one-off expense of approximately RMB 36 million on the closing down of the Group's Nanjing Yaohan Store.