Asia Pioneer Entertainment Q1 Revenue Down 35%
Asia Pioneer Entertainment Holdings has published its financial results for the first quarter of 2022.
Asia Pioneer’s Q1 report shows that group revenue totalled around HK$1.3m ($1.66m), representing an approximate decrease of 35% from the HK$2m recorded for the same period of 2021.
The company largely considers this decrease to be the result of reduced income derived from technical sales and distribution of electronic gaming equipment; a reduction of around 72%. Moreover, this amount is offset by the increase in revenue from consulting and technical services and repair services of 61.9% and 150.5% respectively from the corresponding periods.
In addition, APE recorded a total comprehensive loss of roughly HK$4.3m which again, is a decrease of 1.8% from a Q1 2021 total of HK$4.3m.
Similarly to the loss of technical sales, this reduction in funds has been largely put down to the continued slowdown of new orders, which has come as a result of the operational impact of Covid on its major customers.
As a result of financial outcomes for the quarter, the Board of Directors has resolved not to declare any payment of dividend for the term.
At the end of 2021, Asia Pioneer Entertainment reported an 81% decrease in revenue for 2021 from the year prior. At the time, the company’s revenue stood at HK$7.6m.
This large fall in revenue was attributed to the decrease in profits from electronic table games that it distributes, sells and services for customers.