Success Dragon International Holdings may be heaving a sigh of relief as things might be picking up for the company. Recently, the company announced that it expects the losses they’ve been experiencing for months now will come decrease or come to a halt.
The company experienced a loss for the 6 month period with ended on the 30th of September, 2019. This was different when compared to the same time last year.
According to reports from the founders of Success Dragon, the organization suffered a loss of HK 13.5 million ($1.72 million), which occurred in the same 6 month time frame in 2018. However, they were tight lipped as regards the sum that they anticipate would be lost in future.
The company is bullish about their financial performance because they believe the revenue their money lending business generates would impact its overall operations significantly. This new subsidiary was acquired in December last year, and with a renewed drive in reducing the expenditure, revenue has increased considerably.
The past few years for Success Dragon has been quite difficult. According to news reports from Calvin Ayre, at the end of the first quarter in March 2019, Success Dragon reported a decline in year to year revenue of about 21.9 percent. Revenue fell to HK $87.8 million ($11.22 million).
In 12 months, they experienced a significant fall in revenue, as it fell from HK $131.6 million ($16.81 million) to HK $38.9 million ($4.97 million). These losses can only be attributed to a fall in administrative and operating expenses.
In 2019, the company’s stock price took a massive hit. The share price got as high as 0.245 per share at the start of March, but it fell as low as 0.080 in August. Currently, the share price rallied to 0.125 per share, which is its current share price. So far, the share price did not seem to budge as the news of the company’s improved performance was disclosed by the Company’s Executives on the 25th of November.
Success Dragon made several attempts to change their fortunes. In September 2018, they appointed a new Chairman to oversee the company’s operation, and they named Ding Lei, a 29 year old to head the board.
The appointment came immediately after Roy Kwan Chun resigned. The new Chairman, Ding, is Liu Shiwei’s nephew, who happens to be one of the largest shareholders in Success Dragon.
In Macau, Success Dragon successfully controls the gambling machine operations for a number of casino operators. This has helped maximize revenue at the same time, it fosters profitability and growth.
Their major specialty is to source and install electronic game machines. In addition, they also monitor slot systems including other related equipment linked with the gambling machines. They offer full managerial support as well as support for technical and operational staff to help monitor these gaming machines in line with the company’s objectives.
At this time, there are only two casinos in Macau that use the services of Success Dragon and they are Casino Grandview and Casino Casa Realand.
