The gaming services firm reported the yearly rise despite a 57.7% decline in revenue from the provision of gaming-related services in the Macau market.

Success Dragon also reported a group-wide net loss of HKD6.1m, an improvement on the HKD6.9m loss reported for the same period in 2019.

Of the HKD50.5m total, revenue from contracts with customers stood at HKD47.3m, with revenue from other sources representing the remaining HKD3.2m.

At HKD29.6m, the majority of the company’s revenue hailed from its operations in China, with Macau and Hong Kong reporting figures of HKD17.8m and HKD3.2m respectively.

Macau’s figure represented a sharp decrease from the HKD42m a year earlier, with Success Dragon attributing the 58% decline to the negative impact of the ongoing COVID-19 pandemic.

“The decrease was mainly attributable to intense competition in the Macau gaming market faced by the group,” said Success Dragon. “The market competition was further worsened by the outbreak of COVID-19 pandemic [which] has severely affected tourism arrivals and the gambling industry in Macau. As a result, this has imposed a high risk to the revenue of our group in outsourced business process management for electronic gaming machines in Macau.”

Primarily a gaming services company, Success Dragon also provides money lending services, as well as engages in the sale of gold and other precious metals.