Macau APE revenues collapse amid Covid-induced ‘weaker demand’
Ape Macau reported sales of HK $ 5.5million (£ 530,000 / € 620,000 / US $ 706,000) for the first nine months of 2021, down 85.8% from the same period last year.
There was a dramatic drop in revenue from technical sales and distribution of electronic game equipment (EGE), with the figure declining 89.4% to HK $ 3.8 million.
Revenues from repair services fell 65.3% to HK $ 348,025, and revenues from consulting and technical services fell 32.2% to HK $ 1.4 million.
Ape Macao’s financial report said: “The Group’s performance for the third quarter of 2021 continues to be affected by the outbreak of the novel coronavirus disease (Covid-19) in Macao and Southeast Asia.
“As a result, there was lower demand for technical sales and distribution of the Group’s EMTs.”
The cost of sales and services for the period was HK $ 4.9 million, compared to HK $ 26.2 million in 2020.
As a result, gross profit for the nine-month period was HK $ 603,132, up from $ 12.9 million in 2020.
The company’s operating expenses were HK $ 13.5 million, a 7.4 percent drop attributed to voluntary pay cuts taken by Ape Macao’s management team. Directors’ remuneration amounted to HK $ 2.6 million, while other personnel costs amounted to HK $ 6.7 million.
Financial expenses fell 38% to HK $ 58,351, while other losses amounted to HK $ 46,964, down significantly from the HK $ 1.1 million in other income generated last year .
Overall losses for 2021 were HK $ 13.0 million, down 44.7% from last year.
Losses were lower in 2021 than in 2020 due to a one-time write-down of finance lease receivables of approximately HK $ 22.9 million in 2020.