Asia Pioneer says 1Q loss to double on Covid-19 woes
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.
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