Asia Pioneer Entertainment Holdings (APE) has reported a net loss of HKD4.34m (US$558,989) for the first quarter of the year.
Macau.- Gaming technology supplier Asia Pioneer Entertainment Holdings (APE) has shared its financial results for the first quarter of the year, reporting a net loss of HKD4.34m (US$558,989).
APE attributed the loss to a slowdown in new orders as a result of the impact of the Covid-19 pandemic on Macau casino operators due to the lack of tourists.
Revenue fell by 15.3 per cent when compared to last year, from HKD2.4m to HKD2.0m. Income from consulting and technical services declined 57.6 per cent while repair services were down 89.3 per cent.
APE has announced that it has made several purchases of vending machines for its smart vending operations, which will be launched in the second quarter of 2021 as a plan to diversify its business from gaming equipment.
The group is actively seeking more opportunities to enter into non-gaming related sectors in Macau. It expects a mass-market player recovery but it is cautious about making predictions about whether the gaming industry will recover in 2021.