APE Slides Q1 Net Loss, Clocks 34% Revenue Growth

Hong Kong-listed Asia Pioneer Entertainment Holdings Ltd APE reported an unaudited net loss of HK$3.77 million (US$48,697) in the first quarter, compared to nearly HK$4.27 million a year earlier.

In a filing on Friday, the company said it narrowed its revenue loss to HK$1.76 million in the reporting quarter, up 33.6% from a year earlier. For the first three months of 2023, the group’s overall sales cost was HK$2 million, an increase of 30.8% year-over-year. 온라인경마

The group’s interest is Macau-based Asia Pioneer Entertainment Ltd, a sales and service business for casino slot machines and electronic table games. This section covers the sale and distribution of electronic gaming equipment and repair services.

Hong Kong-listed Asia Pioneer Entertainment saw its tech sales and distribution revenue for its electronic gaming equipment fall 50.1% Y/Y to HK$218,829, compared with HK$511 in the first quarter of this year, up 6% from a year ago.

The decline in revenue was offset by a 172.5% year-over-year increase in the repair services segment, which earned HK$360,316 in the first quarter.

GROUP’S Q1 OPERATING EXPENSES (mostly director’s remuneration and labor costs) DOWN 10.7% Y/Y TO HK$3.6 MILLION. This group saw a decrease in staff numbers during the reporting quarter.

Asia Pioneer said in its quarterly report that it expects “tourists, mass gamers, consumers and businesses” to return after COVID-19, so it will “get the company back to profitability” this year.

The management remarks contained in the document also referred to the Group’s business diversification strategy. “As Macau changes from a pure gambling hub, we will focus more on non-gaming businesses, including technology and other non-gaming services. The group will explore diversification opportunities that align with the group’s competitive advantage,” the document states.

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