Asia Pioneer to sharply reduce first-half losses as revenue surges 160 pct

Hong Kong-listed Asia Pioneer Entertainment Holdings Ltd drastically reduced its first-half loss to HK$638,929 ($81,962) from just over HK$7.1 million in the first half of 2023.

The business was authorized to distribute electronic gaming equipment in Macau through its Asia Pioneer Entertainment division, and it also provides such technology to land casinos in other parts of the Asia-Pacific region.

The group’s revenue was slightly above HK$19.9 million, up 159.6% year-over-year. 안전한 카지노사이트

Gross profit for the first six months was slightly above HK$9.4 million from HK$300,517 a year earlier.

The company’s gross margin jumped to 47.3% during the latest reporting period, compared with 3.9% in the first half of 2023.

The group’s operating expenses in the first half of the year rose 43.3% year-on-year to just over HK$10.3 million, it said, mainly due to higher operating and staffing costs.

No dividend was paid or offered during the reported interim period.

“The group’s goal in the second half of 2024 is to return to full-year profitability,” the company said in a filing with the Hong Kong Stock Exchange on Thursday

“We are optimistic that we will be able to achieve this goal as the macro trend in the Macau casino industry remains positive,” it added

The holding company is “actively marketing” its electronic gaming equipment to casinos in the Philippines and Malaysia, adding that it is “optimistic this will lead to higher orders in the second half of 2024.”

Revenue in the first half of 2024 from the sale and distribution of technology in electronic gaming equipment rose 189.5% year-over-year to just over HK$13.8 million.

Revenue from its consulting and technical services business was only HK$4.6 million, up 301.2% year-over-year.

However, the group’s product sales through its smart vending business developed during the COVID-19 pandemic fell 13.2% year-on-year to HK$978,655.

The group said key products from its electronic gaming equipment and ancillary products business come from existing long-term suppliers Spintec d.o. of Slovenia, Taiwan-based Jumbo Technologies Co Ltd and Australia’s Konami Australia Pty Ltd.