Things might slowly be getting better at Success Dragon International Holdings. The company recently announced it expects to see a decrease in losses for the six month period which ended on September 30, 2019, as compared to the same period of time in 2018.
According to the owners of Success Dragon, the company saw an HK$13.5 million ($1.72 million) loss for the same six-month period of time last year, however, they did not provide any additional information about what amount of loss they expect.
They expect the improvemnet primarily because the amount of revenue that has been generated from its moneylending business, which has made a significant impact on overall profits. This business was acquired in December 2018 and, combined with a decrease in depreciation expenses, has helped to improve the overall revenue.
It has been a difficult last few years at Success Dragon. At the end of March 2019, the company reported a year-to-year decline in revenue of 21.9%, falling to HK$87.8 million ($11.22 million). This, despite a considerable decrease in losses, which fell from HK$131.6 million ($16.81 million) to HK$38.9 million ($4.97 million) during those 12 months. The decrease in losses came primarily from a decrease in operating and administrative expenses.
The price of their stock has taken a pretty big hit in 2019. It reached a peak of 0.245 per share in early March but fell to a low of 0.080 in August before rallying to its current price at 0.125 per share. The price did not see any serious change with the positive outlook revealed by company executives on November 25.
In a move to attempt to turn the tide, Success Dragon appointed a new chairman in September 2018, naming 29-year-old Ding Lei to head the board. This came following the resignation of Roy Kwan Chun Woi. Ding is the nephew of Liu Shiwei, who is a substantial shareholder in Success Dragon.
Success Dragon manages the gambling machine operations for casino operators in Macau, helping to maximize returns while also fostering growth and profitability. Their primary specialty is in the sourcing and installation of electronic game machines, monitoring slot systems as well as all other associated equipment associated with gambling machines. They provide a full managerial support, including both operational and technical staff to help oversee these gaming machines according to the company.
At the present time, two casinos in Macau use the services of Success Dragon: Casino Casa Realand Casino Grandview.
