Jumbo Group Limited announced earnings guidance for the fiscal year 2020. For the year, the company expected to report a net loss for FY2020. The COVID-19 pandemic has severely impacted the global economy and correspondingly, the Group's business operations across the key markets in Singapore and the People's Republic of China ("China"). The net loss is mainly due to (i) a substantial decline in revenue due to much reduced dine-in crowds in restaurants, unprecedented pandemic containment measures, including border controls, travel bans, lockdowns/circuit breaker equivalent measures and social distancing measures; (ii) less than proportionate decline in key expenses; and (iii) impairment losses on certain Group assets. The Board expects the business and financial performance of the Group to continue to be affected depending on the duration of the COVID-19 pandemic, when borders will re-open for general travel and also the lifting of social distancing measures to boost dining-in capacity and demand. While the Group is unable to predict when the operational environment will improve, the management has implemented appropriate cost and risk management measures while still setting aside reserves to build up its capabilities for the future.