Ainsworth Game Technology, the established Australian gaming equipment manufacturer, reports pre-tax losses for the first half of the fiscal year. The losses are expected to be around 14 million Australian dollars.
This is a poor result for the company after having recorded losses of 31.5 million dollars in the previous fiscal year. However, the company expects revenues for the six months to 31 December 2020 to be around 72 million Australian dollars, a 71% increase compared to the first half of the fiscal year.
Nevertheless, that increase won’t be enough to cover the losses recorded all over the world as the company’s operations were heavily affected by the novel coronavirus pandemic. Compared to the previous fiscal year, though, the company’s revenues took a 33% hit.
On the bright side, Ainsworth reported that its performance in North America has improved over the past six months, with revenue totaling 41 million dollars in the first half of the fiscal year. The previous six months produced revenues of just 21 million Australian dollars.
The increase in revenue was driven by improved income from leasing and rental of gaming machines, which grew 10% compared to the previous fiscal year. Moreover, the company’s historical horse racing products made a positive contribution to the overall balance as well.
As for the operations in Australia, the revenue more than doubled thanks to good performance from new products that were launched during this period. However, the company’s business in Latin America was still affected by the coronavirus transmission rates, which led to closed venues and severe restrictions.