GGRAsia – APE narrows annual loss, but revenue falls 81pct

APE narrows annual loss, but revenue falls 81pct

Mar 28, 2022 Newsdesk Latest News, Macau, Top of the deck

Hong Kong-listed Asia Pioneer Entertainment Holdings Ltd reported revenue of approximately HKD7.6 million (US$975,180) for full-year 2021, down 81.1 percent from the prior year. The company said the “sharp fall” in revenue was mainly due to the decrease in revenue from its electronic gaming equipment business.

The group’s interests include Asia Pioneer Entertainment Ltd, a Macau-based distribution, sales and servicing business for casino slot machines and electronic table games.

The parent company recorded a total comprehensive loss of approximately HKD23.1 million for 2021, an improvement compared with a loss of HKD32.0 million a year earlier, said the firm in a Friday filing.

Asia Pioneer said revenue from technical sales and distribution of electronic gaming equipment fell by 86.4 percent year-on-year, to HKD5.0 million in the reporting period. The group sold an aggregate of 36 seats of electronic gaming equipment, down from 176 seats in 2020.

Income from consulting and technical services declined by 27.2 percent year-on-year, to HKD1.8 million in 2021; and revenue from repair services stood at HKD650,000, down 38.4 percent from the prior year.

The company launched last year a smart vending machine business, under the “KatKatMall” brand. “The group believes that these two complimentary businesses will enable the group to weather the Covid-19 pandemic,” it said in Friday’s filing.

Asia Pioneer said the vending machine segment was “mainly in a start-up testing phase” during 2021. The group installed 40 vending machines in Macau and two vending machines in Zhuhai, in the neighbouring Guangdong province. The segment generated revenue of HKD145,305, as most of its vending machines “were installed only towards the end of 2021,” said the firm.