Lottery and integrated technology and services company AGTech has announced a HK$43.96 million ($5.6 million) loss for the third quarter of the year, more than triple the HK$10.23 million ($1.3 million) loss registered in the same period of 2021, however a turnaround from the $14 million loss registered in the second quarter of this year.
The loss comes despite a solid 70.6 percent yearly uptick in revenue, reaching HK$114.33 million ($14.56 million), a further improvement from the HK$98 million ($12.5 million) registered in the second quarter.
The group registered strong results in lottery hardware sales during the period, of HK$44.35 million ($5.65 million), up from HK$39.11 million ($4.9 million) in 3Q21, while lottery distribution through physical channels and ancillary services netted HK$14.79 million ($1.88 million), up from HK$9.49 million ($1.2 million) in 3Q21.
The group’s acquisition of electronic payment group Macau Pass earlier this year saw the group’s revenue from payment card services reach HK$28.65 million ($3.6 million), while e-wallet service revenue hit HK$11.05 million ($1.4 million) and provision of acquiring services revenue reach HK$13.56 million ($1.71 million).
AGTech is an Alibaba and Ant Group promoted enterprise that operates in electronic payment services, lottery, mobile games and entertainment and marketing technical services and non-lottery hardware supply markets with a focus on mainland China and Macau.