Success Dragon reports narrowed loss in six months ended Sept 30

HK-listed Success Dragon posted a narrowed loss of HK$13.5 million (US$1.7 million) for the six months ended September 30, 2018, down from a loss of HK$28.6 million a year before, according to a filing on Tuesday.

Revenue, however, fell 33.7 percent year-on-year to HK$43.6 million in the six month period, due mainly to the cessation of its packaging products and information technology services businesses, and a reduction in revenue from its outsourced business process management business.

Said business segment saw its revenue fall 27.7 percent, reaching HK$43.6 million. Success Dragon said this was due mainly to the cessation of one of the operation outlets located at the Landmark Macau, and intense competition in the Macau gaming market, leading to a segment loss of HK$6.5 million.

Looking ahead, the company said it has been actively looking for investment opportunities to continue to expand and upgrade its business, including an investment in Primus Power Corporation, which is engaged in the provision of electrical energy storage system solutions.

As previously disclosed, the company is also looking at applying blockchain technologies to complement or diversify its business operations.

The company has announced a proposed name change from “Success Dragon International Holdings Limited” to “ezBlock Capital International Holdings Limited” to reflect this, which will be decided at a SGM at a later stage.