Amax posts net loss of HK$18.3 million in FY16H1

Amax International Holdings posted a net loss of approximately HK$18.3 million for the six months ended September 30, 2016, according to a filing to the Hong Kong Stock Exchange.

The group, which owns 24.8 percent equity interests in Greek Mythology Casino, saw revenue of HK$4.11 million in the six month period, up slightly from HK$3.99 million in the first half of FY16.

Commenting on revenue, the group said the the decrease in the commission income from the provision of lottery-related services to Guangxi Welfare Lottery Issue Centre after the disposal of Le Rainbow Worldwide Limited had offset the revenue derived from its gaming business in the Republic of Vanuatu, which has been doing well since it began operations in July 2016.

“The gaming business in Vanuatu has been making solid contributions to the Group since it commenced operation in July 2016,” said Amax in its filing.

The operator said its Vanuatu operations has seen gross revenue of HK$1.7 million between July and September 2016.

“At the same time, while working hard to formulate a strategy to develop the Vanuatu gaming business, the Group has also been exploring opportunities to expand its revenue sources by tapping the Asia-Pacific region,” the company added.