Tokyo Chuo Auction Holdings Limited provided consolidated earnings guidance for the year ended 31 March 2023. For the year, the Group is expected to record a consolidated net loss of approximately HKD 8.3 million for the year ended 31 March 2023 as compared to the consolidated net profit of approximately HKD 8.6 million for the year ended 31 March 2022. The Board considers that the expected turnaround from net profit to net loss was primarily attributable to (i) decrease in revenue from art auction and related business for the year ended 31 March 2023, as compared to the same period in last year and (ii) impairment loss on financial assets.

The decrease in the revenue from art auction and related business was mainly due to unpredictability in the market demand, value and conditions for artworks and development of art auction market in general, which adversely affected by the uncertainty of global economy and the financial markets.