APE posts net loss of US$1.9m for 2022

The company reported revenue of HK$10.5m (US$1.3m), up 37.7 per cent from the prior year.

Macau.- Gaming technology supplier Asia Pioneer Entertainment Holdings (APE) has shared its financial results for the full-year 2022. It’s posted a net loss of HK$14.7m (US$1.9m) due to a “sharp fall” in gross profit from its electronic gaming equipment business.

APE recorded revenue of HK$10.5m (US$1.3m), up 37.7 per cent when compared to the previous year. Gross profit fell to a HK$0.1m loss frmo a HK$0.9m profit in 2021.

The company’s revenue from its technical sales and distribution of electronic gaming equipment (EGE) was HK$6.1m, up 21.2 on year-on-year terms. Revenue in the electronic gaming equipment business reached HK$9.6m, up 28.1 per cent from 2021. Revenue from consulting and technical services increased by 67.9 per cent to HK$3m. Revenue from repair services declined by 28.8 per cent.

The group’s operating expenses decreased by 13.4 per cent year-on-year to approximately HK$16.2m in 2022.

APE noted that despite the uncertainty due to Covid-19 in the past three years, it is confident that its core EGE Business and Smart VM Business will recover as tourists, mass gamers, consumers and business return to Macau and Asian region. 

The company said: “The group is committed to driving the company back to profitability in the coming year. Other than its EGE Business and Smart VM Business, the group continues to proactively seek opportunities to diversify its businesses. 

“As Macau transitions from a pure gambling hub, more emphasis will be placed on non-gaming businesses, including technologies and other non-gaming services. The group will seek diversification opportunities that suites the group’s competitive advantages.”