GGRAsia – Amax International annual loss balloons to US$54mln

Amax International annual loss balloons to US$54mln

Jun 25, 2019 Newsdesk Industry Talk, Latest News, Rest of Asia

Hong Kong-listed gaming services company Amax International Holdings Ltd says its net loss grew to about HKD418.10 million (US$53.6 million) in its financial year ended March 31, from nearly HKD52.80 million the year before.

The company told the Hong Kong Stock Exchange that its annual revenue had nonetheless increased 14.5 percent year-on-year, to almost HKD71.22 million from HKD62.21 million.

The main contributor to revenue uptick was the Cambodia market, where Amax International was operating a VIP gaming room in the period. Revenue from Cambodia rose 50.7 percent, to HKD51.44 million, from HKD34.14 million. Net gaming win from the Cambodia room jumped 156.8 percent, to HKD87.65 million, from HKD34.14 million in 2018.

Amax International blamed most of the group’s annual net deficit on a loss of HKD353.53 million related to disposal of an associate.

In March the company sold its 24.8 percent stake in an entity that used to run the Greek Mythology casino in Macau. The stake in Greek Mythology (Macau) Entertainment Group Corp Ltd, went to a Macau property investment and business consulting company, Fu Po International Ltd, for a nominal sum.

The Greek Mythology casino has been closed for years because of business disputes. It had operated on the strength of the gaming licence held by SJM Holdings Ltd.

Amax International paid no interim dividend during the financial year ended March, and the directors did not recommend any final dividend for the year.