Error message

  • Notice: Trying to get property of non-object in template_preprocess_imageblock_content() (line 349 of /home/agbrief/agb/sites/all/modules/imageblock/imageblock.module).
  • Notice: Trying to get property of non-object in template_preprocess_imageblock_content() (line 349 of /home/agbrief/agb/sites/all/modules/imageblock/imageblock.module).

AGTech reports decline in revenue in 17H1

Lottery service provider AGTech Holdings Ltd, saw a 29.4 percent decline in revenue for the first half of 2017, mainly due to the reduced sales of lottery hardware products.

Revenue was approximately HK$54.1 million in 17H1, compared to approximately HK$76.6 million in the prior year period.

“Despite the decrease in revenue mainly from reduced sales of lottery hardware... we are highly encouraged by the scalability and revenue growth potential of our games and entertainment division, through which we began providing many casual and social games to a broad set of audience across several mobile channels.” said John Sun, Chief Executive Officer of AGTech Holdings Limited.

Revenues from new initiatives launched in the games and entertainment business was HK$17.1 million, representing approximately 32 percent of total revenues in the first half of 2017.

The company recorded a loss of HK$437.1 million for the half year, attributed mainly to the loss of HK$371.6 million from the remeasurement of the fair value of Convertible Bonds, as well as an increase in staff and finance costs.

Looking ahead, AGTech says it will continue to focus on expanding its lottery product and distribution business “as evidenced, amongst other initiatives, by the official launch of the SF-Themed Instant Scratch Lottery, the first lottery product to ever be distributed via a logistics network in China.”

It also noted its recent joint venture agreement with Paytm, India’s leading mobile payment platform, as its first significant strategic international expansion in the company’s history.

“This joint venture will enable both companies to tap into the significant potential of the fast growing mobile entertainment market in India, and lays the foundation for further international expansion in the future,” said the company.

More news from this jurisdiction

Mainland ChinaThursday, Jan 11, 2018

The number of trips made abroad by mainland Chinese residents is estimated to be more than 60 million in 2017, according to the Foreign Ministry.

Mainland China, Hong KongTuesday, Dec 05, 2017

Chinese police have arrested 71 suspects involved with cross-border online gambling operations across Guangdong and Hong Kong.

Macau, Mainland ChinaSunday, Nov 26, 2017

Two underground bank operations that were funneling money to Macau from Guangzhou have been busted by Chinese authorities.

Elsewhere, Mainland ChinaWednesday, Nov 15, 2017

The year 2024 may mark the first time esports is recognized as an Olympic Games medal event, says esports experts.

Mainland ChinaWednesday, Nov 15, 2017

Chinese lottery supplier 500.com recorded a net loss of RMB 72.2 million ($10.9 million) in the third quarter of 2017, with the temporary suspension of online lottery sales continuing to weigh.

Mainland ChinaSunday, Nov 12, 2017

AGTech Holdings reported strong revenue growth for the third quarter of 2017, driven by its new Gaming and Entertainment division launched earlier this year.

Mainland ChinaTuesday, Nov 07, 2017

Chinese tourists will soon find it near impossible to join domestic tours that involve gambling, sex or drugs under new regulations from the Chinese National Tourism Administration.