Asia Pioneer issues profit warning on expected US$1.2 million 1H21 loss

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Macau-based electronic gaming product distributor Asia Pioneer Entertainment Ltd (APE) has issued a profit warning on an expected loss before tax of HK$9.4 million (US$1.2 million) for the six months to 30 June 2021.

According to preliminary information released by the company, revenues for the period are expected to decline by 74.6% year-on-year from HK$11.8 million (US$1.5 million) in 1H20, continuing to be heavily impacted by the COVID-19 pandemic. However, the loss represents an improvement over the HK$29 million loss reported over the same period last year due to the absence of an impairment loss of finance lease receivables.

APE said it expects revenue from the groups main business units technical sales and distribution of EGE products, consulting and technical services and repair services to be down 79.6%, 40.7% and 79.9% respectively.

The Board affirms the belief that COVID-19 will [subside] with the onset of global vaccination programs and that the economic and financial recovery of the gaming industry will allow our customers to revert back to normal purchase levels, APE said.

The companys final results for 1H21 are due for release by 13 August.