Tristate Holdings Limited provided earnings guidance for the year ended 31 December 2021. The board of directors of the Company is pleased to inform the shareholders of the Company and potential investors that based on the information currently available, the Group is expected to record a turnaround with profit attributable to equity shareholders for the year ended 31 December 2021 of approximately HKD 15 million to HKD 35 million from the loss of approximately HKD 169 million for the corresponding year ended 31 December 2020. The substantial improvement in the Group's financial performance is mainly attributable to the followings: Improved performance and significant reduction of losses for brands business.

Among brands: own brand C.P. Company has remarkable growth in both revenue and net profit for the year ended 31 December 2021 as compared with last year; licensed brand Nautica has achieved better operating performance in 2021 with reduction in loss as compared with last year; and The above improved results are partially offset by the other licensed brand Spyder which is expected to record increase in loss after including impairment of certain intangible assets. garment manufacturing business has also achieved better performance, which is mainly driven by increased revenue, less inventory provision made and lower operating expenses arising from various cost reduction measures implemented by the Group since early 2020.