GGRAsia – Dragon Success Posts FY Profits, Gaming Services Decline

Dragon Success Turns FY Profits, Gaming Services Decline

Dragon Success Turns FY Profits, Gaming Services Decline

Gaming services provider Success Dragon International Holdings Ltd confirmed in a filing on Wednesday with the Hong Kong Stock Exchange that it had posted net profit of HKD 2.0 million (US$255,000) in the 12 months ended March 31, versus a net loss of HKD 10.5 million in the same period last year.

The group posted sales of HKD 182.0 million for the fiscal year ended March 31, compared to HKD 175.2 million in the previous 12 months.

During the period, revenue generated by what the group calls “outsourced business process management”, i.e. related to casino gaming services management, declined 6.1 percent year-on-year to just over HKD 31.5 million.

“The lack of revenue improvement for this business segment was primarily due to the negative impact on the Macau gaming industry caused by the prevalence of the Covid-19 pandemic,” the company said.

The loss of the outsourced business process management segment during the period was HKD 5.6 million, compared to a loss of approximately HKD 9.4 million during fiscal year 2021.

“The decrease in loss was mainly due to the tight cost containment measures that the group has implemented in this segment,” said Success Dragon.

Last September, Success Dragon announced it had a deal to “deliver, set up and manage” a minimum of 120 slot machines and multi-terminal machine units in the gambling halls of Macau casinos Grandview and Casa Real.

The properties are controlled by the Hong Kong listed Kingston Financial Group Ltd and managed under the gaming license of Macau concessionaire SJM Holdings Ltd.

Casino activities at the Casa Real and Grandview locations include: continue until December 31Coinciding with the extended gaming rights of its licensor, SJM Holdings Ltd, Kingston Financial announced earlier this week.

In addition to outsourcing business process management for electronic slot machines in Macau, Success Dragon also provides money lending services in Hong Kong and engages in gold-laden carbon processing and trading activities in China.

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