AGTech posts HK$284.4 million loss in 2015

Hong Kong-listed AGTech Holdings Limited has announced revenue for the group in 2015 totalled approximately HK$301.6 million (US$38.9 million), a 42.9 percent increase from 2014, according to a recent filing to the Hong Kong Stock Exchange.

The group reported a loss for the year ended Dec. 31, 2015, at HK$283.4 million, compared to HK$187.4 million in 2014. The group said the loss was primarily due to loss on fair value of contingent consideration in relation to the acquisition of Score Value, which was acquired in 2014, the share-based payments recognised in accordance with Hong Kong Financial Reporting Standard as well as an increase in other major expenses related to the organic growth of the business.

AGTech also announced its board did not recommend the payment of a final dividend for the year.