APE revenue down 27.6% in Q3

The Covid-19 pandemic continues to adversely impact on the operations of APE customers.

11/10/22

APE’s revenue for the third quarter of the year was HK$4.02m ($512,000).

Macau.- Gaming technology supplier Asia Pioneer Entertainment Holdings (APE) has reported revenue of HK$5.55m for Q3, a drop of 27.6 per cent year-on-year. The decrease was attributed to drops in income from the technical sales and distribution segment and repair services segment of 74 per cent and 8.8 per cent respectively.

APE recorded a loss of HK$13.33m (US$1.69m), up 2.5 per cent when compared to last year. The company’s revenue from its technical sales and distribution of electronic gaming equipment (EGE) fell from HK$3.85m to HK$998,305 when compared to the previous year. However, the company saw a 49.5 per cent increase in consultancy and technical services revenue to HK$2.02m (US$258,000).

APE noted the Covid-19 pandemic continues to “adversely impact the operations of its customers, particularly the land-based casinos in Macau SAR. As a result, the group’s performance for the Period continues to be adversely affected.”

The company said it intended to diversify its business lines, looking for EGE Sales in Asia and improving operations in Smart VM Business. It is also restructuring to minimize costs and expenses. The group said is was confident its business activities could quickly return to pre-pandemic levels.

In 2021, APE’s revenue plunged 81.1 per cent to HKD7.6m (US$975,180) due to a decrease in revenue from its electronic gaming equipment business.