APE posts net loss of US$480,697 for Q1
The company reported an increase in revenue of 33.6 per cent year-on-year.
Macau.- Gaming technology supplier Asia Pioneer Entertainment Holdings (APE) has shared its financial results for the first quarter of the year. It’s reported a net loss of HKD3.77m (US$480,697). The figure represents an improvement on the nearly HK$4.27m loss in the prior-year period.
The group’s revenue amounted to approximately HK1.8m (US$224,000), up 33.6 per cent when compared to last year. APE attributed the rise to increases in revenue from repairs and smart vending machines, up 172.5 per cent and 321.2 per cent, respectively.
Income from consulting and technical services declined 5.6 per cent while the distribution of electronic gaming equipments (EGEs) was down 50.1 per cent. As a result of staff reductions, first-quarter operating expenses decreased by 10.7 per cent to just under HK$3.6m.
As for the upcoming months, the company said: “The group is confident that our core EGE Business and Smart VM Business will recover post-Covid-19 as tourist, mass gamers, consumers and business return to Macau and Asian region. The group is committed to driving the company back to profitability this year.”
In 2022, APE 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. It 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 from a HK$0.9m profit in 2021.