GGRAsia – Asia Pioneer revenue down 27pct in year to Sept 30

Asia Pioneer revenue down 27pct in year to Sept 30

Nov 10, 2020 Newsdesk Latest News, Macau, Top of the deck

Hong Kong-listed Asia Pioneer Entertainment Holdings Ltd reported revenue of approximately HKD39.1 million (US$5.0 million) for the first nine months of 2020, down 26.8 percent from the prior-year period. The result was due to a decrease in revenue from sales and distribution of electronic gaming equipment, as well as decline in fees related to consulting, technical services and repair services, said the firm in a Monday filing.

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. For the reporting period, revenue from the Macau unit represented “all of the revenue” of the group, according to its latest filing.

The parent company recorded a total comprehensive loss of approximately HKD23.5 million for the nine months to September 30, compared with a loss of HKD2.7 million a year earlier.

“The increase in total comprehensive loss was mainly due to an impairment loss of HKD22.9 million in finance lease receivables,” said the company.

In Monday’s filing, Asia Pioneer said revenue from technical sales and distribution of electronic gaming equipment fell by 24.9 percent year-on-year, to HKD36.1 million in the reporting period. The group sold an aggregate of 175 seats of electronic gaming equipment, down from 202 seats in the first nine months of 2019.

Income from consulting and technical services declined by 40.7 percent year-on-year, to HKD2.0 million; and revenue from repair services stood at HKD1.0 million, down 49.0 percent from the prior-year period.

In the first nine months of 2020, the group’s cost of sales and services were down 22.5 percent year-on-year, to HKD26.2 million.

Asia Pioneer said in its latest filing that the group remained “concerned” about the impact of the Covid-19 pandemic on its business. “The group still hopes that its business activities can quickly return to pre-Covid-19 levels,” it added.