Macau junket and casino investor Amax International Holdings has joined other casino operators that sees their profits roll down the hill after its net loss widens by 18.36 percent in fiscal 2016.

In a disclosure to the HongKong Stock Exchange, Amax reported incurring an estimated HKD49.0 million (US$6.3 million) net loss for the financial year that ended last March 31, higher than the loss of HKD41.4 million (US$ 5.34 million) for the prior-year period.

“The year under review was a year of transformation and consolidation for the Group,” Amax said in a statement. “Notwithstanding a challenging market environment, the group implemented a number of measures to consolidate its business operations with a view to minimize the operating costs and redirect its effort in other potential profitable business ventures, in order to provide returns and broaden the revenue base of the group.”

Amax, which is principally engaged in investment holdings and investments in gaming and entertainment-related businesses, has seen its revenue rise to HKD10.49 million (US$1.35 million), up from HKD5.12 million (US$659,887) compared to the same period in 2015.