Asia Pioneer sees revenue increase through first nine months

In a good news, bad news report for Hong Kong-listed Asia Pioneer Entertainment Holdings Ltd, the company explained that the first nine months of 2019 saw their losses widen. However, the group has seen improvements in revenue and gross margins and expect that to continue in the final quarter of this year. This, according to a filing with the Hong Kong Stock Exchange.

Asia Pioneer, the owner of Asia Pioneer Entertainment Ltd (APE), is a Macau based distributor of gaming equipment. Much of their revenue comes from the selling and servicing of slot machines and electronic table games.

In their filing with the exchange, Asia Pioneer Entertainment Holdings reported an HKD2.7 million ($345,000) in the nine months to September 30. This comes after the company reported a loss of just above HKD1.6 million ($200,00) for the first nine months of 2018.

In the filing, the company explained that the increased costs of expenses played a significant role in the increase in losses. In the first nine months of 2018, Asia Pioneer recorded total expenses of HKD15.8 million ($2.02 million), however, that number rose to HKD24.1 million ($3.08 million) from January through September of this year. These increases in costs included a 133.5% increase in directors’ remuneration from the previous year.  Employee and other staff costs also increased, leading to an increase in overall expense costs.

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