GGRAsia – Asia Pioneer parent expecting 1Q loss

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Asia Pioneer parent expecting 1Q loss

Apr 26, 2018 Newsdesk Latest News, Macau, Top of the deck

Asia Pioneer parent expecting 1Q loss

The Hong Kong-listed parent of Macau-registered electronic gaming equipment distributor Asia Pioneer Entertainment Ltd has warned that it expects to swing to a HKD1.7-million (US$216,619) first-quarter loss, compared to an unaudited HKD4.8-million profit – before recurring expenses – recorded by the group in the first quarter 2017, a period prior to the group’s public flotation.

The deterioration was mainly attributable, said Asia Pioneer Entertainment Holdings Ltd, to a year-on-year decrease in revenue from sales of electronic gaming equipment and its consulting and technical services; an increase in operating expenses; and a “decrease in the group’s gross profit margin for the current period”.

Asia Pioneer Entertainment Holdings started trading on Hong Kong’s small-cap exchange, the Growth Enterprise Market, in November last year.

Part of the firm’s commercial model involves acting as a clearing business for casino slot machines reaching the end of their life in the Macau market, in order to sell them on to other markets.

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