The board of directors of TC Orient Lighting Holdings Limited informed the shareholders of the company and potential investors that based on the preliminary review of the unaudited management accounts of the company and its subsidiaries for the six months ended 30 June 2016, the Group is expected to record decreased turnover and losses as compared to the corresponding period last year. The decrease in turnover and the ongoing losses of the Group were due to the intense competition in the printed circuit board (PCB) industry, resulting in a decrease in profit margin of this segment; the intense competition in the light-emitting diode (LED) lighting industry, resulting in fewer projects being taken up by the Group's LED segment; and the economic slowdown worldwide including in China.