Lottery and integrated technology and services company AGTech Holdings Limited has announced its return to profitability in the first three quarters of this year, recording gains of no less than HK$20 million ($2.6 million), in contrast to a loss of HK$124.6 million ($15.9 million) in the same period last year.
The group attributes this change from an operating loss to profit primarily to the increase in total revenue. This increase is largely attributed to the consolidation of the financial statements of Macau Pass Holdings Limited and its subsidiaries into AGTech’s financial statements during the first nine months of the year.
In a filing on Tuesday, AGTech Holdings issued a positive profit alert, noting that the group’s revenue increased by at least HK$190 million ($24.3 million) for 3Q23, primarily due to the consolidation of the financial statements of Macau Pass.
Additionally, due to the rise in tourist arrivals in Macau, AGTech Holdings also reported an increase in revenue for the group’s electronic payment, lifestyle, games and entertainment, marketing technical services, and e-commerce businesses in Macau by no less than HK$55 million ($7 million) for the six months ending on September 30, 2023, compared to the same period in 2022.
