Macau gaming machine distributor Asia Pioneer Entertainment said revenue jumped by 63.7 percent in 2017, though net profit fell due to the expenses associated with the group’s recent stock exchange listing.
Revenue came in at HK$86.1 million ($10.9 million) compared with $52.6 million the prior year as new casino openings drove demand for products.
Profit before tax fell 37.8 percent to $7.1 million after $14.2 million due to expenses from listing on the Growth Enterprise Market (GEM) of the Hong Kong Stock Exchange in November. Stripping out those costs profit jumped 34.5 percent.
Net profit attributable to shareholders fell to $4.5 million from $9.6 million.
“Looking ahead, management believes that the Group’s prospect will continue to ride on the rebound of Macau’s GGR as well as the growth of mass-market gaming,” it said in a release.
“In 2018, there will be 2 new major casinos, namely MGM Cotai as well as Grand Lisboa Palace Cotai, opening, creating a favourable backdrop for the group’s sale and distribution business in Macau.”
APE said it is actively pursuing leasing agreements with Macau operators, and is continuing to pursue distribution opportunities in Asia outside of Macau. In the consulting services business, APE has signed with a major supplier of ticket printers to be their official repair centre for the Asia Pacific region.