AGTech-Holdings buy Macau Pass

AGTech Holdings, a lottery supplier and distributor in Mainland China, said its loss for 2021 is expected to be 40 percent narrower than the prior year as its business recovers from Covid.

The Hong Kong-listed company posted a 2020 loss of HK$109.5 million, it said in a filing ahead of the release of its full results announcement.

AGTech said that all of its lottery hardware, lottery distribution and games and entertainment businesses increased revenue over the year, with the total increasing by about 50 percent. There was a decline in sales in lottery games and systems, due to the fact it stopped selling two virtual sports lottery games.

The group also began supplying non-lottery hardware, such as point-of-sale terminals, which has helped to diversify its income sources.

In an effort to control costs, the company said it had reduced employee benefit expenses by about $62.1 million last year.

AGTech also said that it had seen a reduction in interest income on deposits held in banks of about $27.4 million due to lower deposit rates.