The board of directors of Symphony Holdings Limited reported that based on the preliminary review of its management accounts the unaudited consolidated net profit of the company and its subsidiaries for the six months ended June 30, 2016 is expected to record a decrease of approximately 99% as compared to that of the corresponding period in 2015. The Board considers that the expected decrease in the unaudited consolidated net profit for the six months ended June 30, 2016 is mainly attributable to the fact that during the six months ended June 30, 2015, there was an one-off net gain from disposal of the trademarks and intellectual property relating to the "PONY" brand in the United States of America, Mexico and Canada at an aggregate amount of approximately HKD 194 million which was not repeated in the six months ended June 30, 2016. Excluding this factor, the unaudited interim results for the six months ended June 30, 2015 would have recorded an unaudited consolidated loss and the unaudited interim results for the six months ended June 30, 2016 is expected to improve when compared to that in the corresponding period of last year mainly due to improved overall cost control on all segments of the business; improved performance of the remaining portion of the "PONY" brand; and decreasing losses of the outlet operation.