Sunday, December 10, 2023
HomeNewsChinaAGTech registers $5.6mln loss for 3Q22

AGTech registers $5.6mln loss for 3Q22

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.

AGBrief Editorial
AGBrief Editorial
The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.