AGTech swings to profit on non-cash and non-operating items

China lottery supplier AGTech Holdings swung to a profit of approximately HK$157.3 million  (US$20 million) for the six months ended June 30, 2018.

AGTech said the swing to profit was mainly attributable to several non-cash and non-operating items related to convertible bonds and contingent consideration payables under the Score Value Transaction.

Total revenue for the group increased by 14 percent, reaching HK$61.7 million, due mainly to increases in revenue from the group’s lottery business.

AGTech said its lottery hardware business saw a 43.5 rise in revenue, while lottery games and systems increased 40.8 percent and  the provision of distribution and ancillary services achieved 190.1 percent climb in revenue compared to the prior-year period.

The board has not recommended the payment of an interim dividend.

Looking to the future, AGTech says it believes it is well positioned to participate in online and mobile lotteries in China once the ban on online lottery distribution is lifted.

In the meantime, AGTech will be seeking expansion opportunities in overseas markets through acquisitions.

“To this end, the Group has been in the process of identifying suitable acquisition targets and has been discussing with potential targets on such potential acquisitions, including those engaged in the businesses of lottery systems and technology, lottery games and technology, online lottery games and systems and lottery operations,” it said.

SHARE
Previous articleLanding project not dead: Justice Secretary
Next articleEditor’s Opinion: Curbing enthusiasm

Related Articles

AGTech gets five more sports lottery contracts

AGTech Holdings said it has won sports lottery procurement contracts for five more Chinese provinces.

AGTech wins lottery terminal procurement bid in several provinces

AGTech Holdings Limited has announced that its wholly-owned subsidiary, Beijing AGTech GOT Technology Co., Ltd has won the sports lottery terminal procurement bidding projects in Anhui, Shanxi, Jilin, Hubei, and Guizhou, according to a company filing.  The procurement of lottery terminals over the first four months of the year had fallen to a near standstill […]

Kiron teams up with AGTech in Asia, Latin America and Africa

Specialist virtual games provider Kiron and lottery and gaming supplier AGTech have agreed on a global collaboration agreement which will include the distribution of the parties’ respective products internationally.  Kiron’s premier virtual games offering, including football and racing, as well as a variety of localized sports and numbers games, will be integrated into AGTech’s brand […]

AGTech deepens cooperation with Alibaba Group

AGTech Holdings has announced that its wholly-owned subsidiary, Beijing GOT Technology, has entered into an agreement with Alibaba China to provide equipment and maintenance services including POS terminals and face recognition payment equipment, which may be applied to offline retail sales as well as lottery sales.

AGTech to supply lottery terminals in Zhejiang and Henan

AGTech Holdings Limited reported to the Hong Kong Stock Exchange on Thursday that one of its wholly-owned subsidiaries had won the lottery terminals procurement tenders to supply lottery terminals to the Sports Lottery Administration Centers in Zhejiang province and Henan province.

AGTech swings to loss in Jan-Sept period

Lottery service provider AGTech Holdings posted a loss of HK$73.1 million (US$9.3 million) for the first nine months of 2019, due mainly to several non-cash and non-operating items relating to the fair changes of convertible bonds and the contingent consideration payables related to its acquisition of Score Value in 2014.  Revenue of the group fell […]