APE losses widen significantly in H1

Asia Pioneer Entertainment Holdings has reported a 46 percent fall in its H1 revenues, hit by the impact of Covid-19 in both direct and indirect ways. The revenue total for the quarter was HK$11.8 million (US$1.5 million), producing net losses of HK$29 million.

A company statement explained, “The group’s business and results of operation are highly dependent on the demand of casinos, particularly at the time of new casino openings and replacement of used electronic gaming equipment. This demand has been negatively impacted by the Covid-19 crisis which has affected the operations of the group’s major customers, land-based casinos. A significant portion of the group’s revenue was generated by technical sales and distribution of electronic gaming equipment.”

In light of its over-dependence on electronic gaming equipment, APE is aiming to diversify into other fields; namely, consulting and project management in Vietnam and sponsorship and promotion of sports entertainment events.