Hong Kong-listed Asia Pioneer Entertainment Holdings Ltd says it expects its loss for the first quarter of 2020 to more than double from a year earlier. Such loss – based on preliminary review of the firm’s unaudited accounts – is expected to be HKD4 million (US$ 516,125), compared with HKD1.9 million in the first three months of 2019, the company said in a filing on Friday.
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 unit has business across the Asia-Pacific region, and is also involved in leasing and consultancy work.
In Friday’s filing, the listed entity said the quarterly loss was expected to increase because of a likely 70 percent year-on-year decrease in revenue for the three months to March 31.
“The lower revenue was attributed to slowdown of new orders as a result of the impact of novel coronavirus on the operations of our major customers - the Macau casino operators,” said the group. It added that the order of the Macau government to close the city’s casinos for a two-week period in February had led also either to “delayed” or “cancelled” orders.
The parent company had warned earlier this month that the Covid-19 pandemic would have a “material adverse impact” on the group’s financial performance.
The group had noted at the time that two markets where it has interests – the Philippines and Cambodia – had respectively announced temporary suspension of casino operations as part of their efforts to prevent the further spread of the Covid-19 disease.
Asia Pioneer Entertainment Holdings said it expected to announce its first-quarter results by no later than May 12.
Aug 07, 2020Casino operator Sands China Ltd’s the Londoner Hotel should be ready by the third quarter, but the timing on launching it will depend on a return of Macau’s tourism trade, especially the mainland...
Aug 07, 2020
Net loss posted by casino operator Genting Singapore for the second quarter of 2020, the firm's worst quarterly performance since 2010