GGRAsia – Asia Pioneer posts US$543k 1Q loss, rev down 35pct

Asia Pioneer posts US$543k 1Q loss, rev down 35pct

May 12, 2022 Newsdesk Industry Talk, Latest News

Hong Kong-listed Asia Pioneer Entertainment Holdings Ltd reported a first-quarter net loss of HKD 4.27 million (US$543,000), compared to a negative result of HKD4.34 million in the prior-year period. That was on revenue that fell by 34.5 percent year-on-year, to HKD1.32 million, the firm said in a Wednesday filing.

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

The decrease in quarterly loss was helped by a decline of 15.5 percent in operating expenses, to approximately HKD4.0 million in the first quarter of 2022, stated the parent company.

The decline in revenue was “mainly due to a decrease of income derived from the technical sales and distribution of electronic gaming equipment segment of approximately 72.4 percent” in year-on-year terms,” said the firm. Revenue from such business activity for the period stood at less than HKD439,000.

Consulting and technical services recorded revenue of HKD603,974 in first-quarter 2022, an increase of 61,9 percent from a year earlier. Revenue from repair services was around HKD132,000, versus less than HKD53,000 in the first three months of 2021.

The group’s performance for the first quarter of 2022 continued to be “adversely affected” by the outbreak of Covid-19, said the listed entity.

It added: “Despite the ongoing uncertainty on Covid-19 which continues to affect the operations and plans of our customers, the group remains confident that within a medium term of two to three years’ timeframe, our core electronic gaming equipment business will recover back to operating normalcy once Covid-19 subsides.”