The boards of directors of the Magnificent Hotel Investments Limited informed the shareholders of the Companies and potential investors that, based on the preliminary assessment of the unaudited consolidated management accounts of the Groups for the six months ended 30 June 2022 and information currently available, it is expected that (i) there would be an increase in revenue for the 2022 Interim Period in the range of 90% - 100%, 50% - 60% and 50% - 60% for MHI, SHP and SHH respectively, as compared to that for the six months ended 30 June 2021 (the "2021 Interim Period"); and (ii) the respective profit attributable to owners (after depreciation) of MHI, SHP and SHH would be approximately HKD 106 million, HKD 61 million and HKD 31 million for the 2022 Interim Period, as compared to approximately HKD 9 million, HKD 14 million and HKD 4 million for the 2021 Interim Period. The increase in expected profit attributable to owners (after depreciation) for the 2022 Interim Period is primarily attributable to increase in hotel revenue with higher room rates as compared to those in the 2021 Interim Period. Moreover, the management has also taken prompt measures to streamline operating structure and to control operating costs.