Macau-based electronic gaming machine service provider Success Dragon has reported a substantial narrowing of loss attributable to owners of the company from HK$13.5 million to HK$6.9 million in the six months to 30 September 2019, due mainly to growth of its recently acquired money lending business and decreased depreciation expenses.
In a Friday filing, Success Dragon said the new business segment had generated revenue of HK$2.3 million and segment profit of HK$2 million – part of the company’s previously announced strategy of diversifying its business in order to find new revenue channels.
Despite this, Success Dragon noted that its Outsourced Business Process Management, or slot machine service, segment still comprised 94.9% of the group’s total revenue for the period, with segment revenue falling 3.7% to HK$42 million. However, segment loss fell from HK$6.5 million in the prior year period to HK$1.7 million this time around.
Group-wide revenue increased 1.5% to HK$44.3 million.
It’s been a rough few years for Success Dragon, who previously reported a 21.9% decline in revenue to HK$87.8 million for the year ended 31 March 2019, although its losses narrowed considerably from HK$131.6 million to HK$38.9 million for those 12 months.
The company appointed a new Chairman, 29-year-old Ding Lei, in September following the resignation of Roy Kwan Chun Woi.
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