MS Concept (08447) issued an announcement, and the group is expected to obtain an unaudited comprehensive loss of no more than HKD 20 million for the year ending on March 31, 2024, compared to an audited comprehensive surplus of HKD 4 million in the same period last year.

The unaudited comprehensive loss incurred in the current year is mainly due to: a significant decline in various government subsidies received by the group this year, including but not limited to the licensed food industry sector subsidy program under the pandemic prevention and control fund and the subsidized employment program, as compared to the same period last year; a significant decrease in the amount of rent relief granted by landlords this year compared to the same period last year; and recognition of impairment losses on property, plant, equipment, and right-of-use assets in the current year.