Amax International Holdings posted a significantly widened loss of HK$418.3 million for the financial year ended March 31, 2019.
The loss was an increase from an HK$50.7 million loss recorded in the previous financial year, stemming mainly from a one-off impairment and disposal losses of Greek Mythology during the year.
The company had made the decision to make one-off full impairment losses on its interest in Greek Mythology as the company had continuously refused to provide the company with valid financial information since 2012.
Amax said the move was part of efforts to streamline the business and dispose of businesses with less potential, and that it remains optimistic for future prospects, which include efforts in VR/AR and mobile game solutions, as well as its gaming business in Cambodia and Vanuatu.
“Given the potential for growth of visitation and spending in Asia Pacific and the evolving popularity of new technologies like AR/VR as well as the booming of mobile gaming industry, the Group confidently believes that it has strategically positioned itself in a competitive position to further its businesses and maintain a healthy condition in its balance sheet,” said the company in a statement.