Gaming services firm Success Dragon International Holdings Ltd on Monday said its net loss for its fiscal first half narrowed to HKD29.3 million (US$3.8 million), compared to HKD140.3 million a year earlier.
The Hong Kong-listed company reported revenue of HKD81.7 million for the six months to September 30, up by 2.5 percent from the prior-year period.
Success Dragon said its administrative expenses declined nearly 32 percent year-on-year to approximately HKD51.3 million. “The major reason lies in the decrease in staff costs, particularly on equity-settled share-based payment,” the firm said in a filing.
Other expenses also recorded a decrease from approximately HKD88.8 million to about HKD4.2 million in the six months to September 30. The company had recognised an impairment of assets to a value of HKD87.2 million in the prior-year period.
Success Dragon restructured its operations last year to include “outsourced business process management and IT [information technology] services” for the gaming industry.
Its outsourced business process management is divided into electronic gaming equipment management in Macau and the provision of management services for greyhound racing business in Vietnam.
In Monday’s filing, the company said its outsourced business process management continued to be the group’s core business, contributing approximately 78.4 percent of the total revenue for the six-month period.
Revenue from this business segment was approximately HKD64 million, an increase of 12.3 percent from the prior-year period.
“The management of electronic gaming equipment operations in Macau has been improving steadily with heavier emphasis on marketing. Cost control remains to be the key objective in Macau operations,” said Success Dragon.
“Both measures contributed better result to this operation, comparing with the six months ended 30 September 2015,” it added.
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"Given the opaque nature of the VIP segment (56 percent of gross gaming revenue in first quarter 2017), forecasting Macau GGR with a fair amount of certainty is difficult; therefore, we remain cautious"