APE says revenue to Sept. plunges 86%, but loss narrows

Asia Pioneer Entertainment (APE) has warned that its revenue plunged 85.8 percent in the nine months to end-September, but its loss has narrowed.

In a filing with the Hong Kong Stock Exchange, the company said it expects revenue of about HK$5.5 million. It said its loss is expected to narrow by 44.7 percent from $23.5 million to $13 million in the most recent period.

APE, which distributes and services gaming equipment, said the revenue drop was due to the impact of Covid on land-based casinos. Revenue for technical sales and distribution of gaming equipment fell 89.4 percent from the year-ago period.

It said there had been a drop of 32.2 percent in revenue from consultancy and technical services and a drop of 65.3 percent in repair services.

It gave no explanation as to why its loss narrowed.

The company will publish its full results on Nov. 9th.

APE has been seeking alternative revenue sources to offset the declines in the gambling industry. It has diversified into smart vending machines.

APE said the smart vending machines target tourists and consumers in Macau, and can be used to promote and deliver quality Macau branded products to tourists that visit Macau SAR on a regular basis.