Asia Pioneer expecting US$4.1 million loss for FY20
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Macau-based gaming product distributor Asia Pioneer Entertainment Holdings Ltd has issued a profit warning on expected losses of HK$32 million (US$4.1 million) for the year ended 31 December 2020.
According to a Friday announcement, Asia Pioneer’s final FY20 results will include a 51% year-on-year decline in revenue to HK$40.5 million (US$5.2 million) and a 63% fall in gross profit to HK$10.5 million (US$1.4 million).
The loss of HK$32 million is significantly wider than a loss of HK$1.7 million (US$220,000) reported in 2019, with the company pointing to a one-time write-off of finance lease receivables of approximately HK$22.8 million (US$2.9 million) after it was forced to terminate two finance lease agreements for the leasing of electronic gaming equipment (EGE) in May. The agreements were terminated after Siam Star Leisure Co, Ltd, which leased EGE from APE for use at a casino in Cambodia, and GLIMEX Inc, which
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