Success Dragon warns of loss for fiscal year ended Mar. 31, 2016

Hong Kong-listed Success Dragon International Holdings Ltd. has warned it expects a widened annual loss for the financial year ended Mar. 31, 2016, according to its filing to the Hong Kong Stock Exchange.

The company, formerly known as CY Foundation Group Ltd. said the decline in performance in its electronic gaming machine management business, coupled with the decline in revenue of its packaging business was the main reason for the decline.

“The Board is of the view that the increase in loss was also due to the significant set up costs incurred in developing the business of provision of racing system and betting system in Vietnam,” the company added.

For the 2014/15 fiscal year, the company reported net loss at HK$47.3 million (US$6.1 million) compared to HK$12.8 million from the year before.

The company did not specify its estimated loss for the fiscal year ended Mar. 31, 2016.