Asia Pioneer Entertainment reports 15% decline in revenue
Asia Pioneer Entertainment Holdings Limited has reported revenue of HK$2m ($257,490) for the three months ended 31 March 2021, an almost 15% decline compared to HK$2.4m ($308,982) for the same period in 2020.
Grossprofit was HK$415,420, while loss before tax was HK$4.3m, a 6% increase from HK$4.1m the previous year. The loss was due to casino restrictions that Macau’s venues faced after the start of the Covid-19 pandemic.
According to the statement, the company is engaged in technical sales and distribution of EGEs in Macau and other regions in Asia; it also provides consulting, technical and repair services. Revenue from Technical EGE sales for the quarter was HK$1.59m, a slight growth from HK$1m in 2020. Consulting and technical services brought in HK$372,995 against HK$879,825 last year, and repair services dropped from HK$493,449 in 2020 to HK$52,779 this year.
“The Group’s performance for the first quarter of 2021 continues to be adversely affected by the outbreak of Covid-19 in Macau SAR and Southeast Asia,” said the statement. “Whilst revenues for technical sales and distribution of EGE products recorded an increase of 58%, this was offset by drop in sales in its consulting and technical services segment (58%) and in its repairs services segment (89%) over the same period.”
The company remains “cautiously optimistic” that revenues will start recovering soon, with the casinos once again opening their doors, but it’s a slow process.
APEremains hopeful for the travel bubble between China and Macau, which will allow tourists to travel without quarantine restrictions. The company also noted it will “review various business plans to diversify business outside of gaming equipment supply”.
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