Asia Pioneer sales down nearly 28% in year to Sept. 30

Asia Pioneer Entertainment Holdings (APE), a gaming technology expert, reported revenue of HK$4 million ($512,065) in the first nine months of 2022. The company said in a filing on Wednesday that the drop in sales was “mainly due to a drop in revenues stemming from the technical sales and distribution of electronic gaming equipment and repair services.”

Hong Kong-listed APE’s interests are Asia Pioneer Entertainment Limited, a Macau-based casino slot machine and electronic table game distribution, sales and service business. The group also provides these technologies to land casinos in other parts of the Asia-Pacific region, including technical support and consulting for gaming equipment. 경마

APE reported an increase of 2.5% year-on-year to HK$13.3 million in owner losses, the company said.

Gaming equipment’s technology sales and distribution revenue fell 74.0% year-on-year to HK$998,305 in the nine months to Sept. 30. These revenues outperform those from consulting and technical support. Repair services generated HK$317,458 in revenue, down 8.8% from a year ago.

Beginning in the second half of 2021, the group diversified into a supply of ‘smart vending machines’. The sector generated HK$678,462 in revenue during the period.

The company said in a commentary along with the latest results that it continues to be “worried” about the impact of COVID-19 on the operation of land casino operators in Macau and Southeast Asia.

“This has had a long-term impact on our business and operations, especially the electronic gaming equipment business,” APE said. “As a result, the group needs to diversify its business lines,” he said, adding that it is “internal restructuring to minimize costs and costs” related to operations.

APE’s net current assets as of September 30 were about HK$16.3 million, compared to about HK$30.6 million as of December 31, 2021. There was no bank borrowing in the group.

Earlier this year, APE established a new wholly owned subsidiary in Hong Kong called APE Digital Creation Ltd to pursue businesses linked to “metaverse” as well as “related businesses.”

The parent company said it hoped the new unit “will allow the group to diversify into online and digital business opportunities.” During the reporting period, revenue did not appear as booked by the subsidiary.

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