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HomeNewsMacauAGTech returns to profit in 1H23, topping $1.92 million

AGTech returns to profit in 1H23, topping $1.92 million

Lottery and integrated technology and services company AGTech Holdings Limited has announced that it returned to profit in 1H23, recording gains of not less than HK$15 million ($$1.92 million), as opposed to a loss of HK$84.9 million ($10.88 million) in 1H22.

The group notes that the change from operating loss to profit was mainly due to the increase in total revenue. The main reason was to consolidate the financial statements of Macau Pass Holding Limited and its subsidiaries into the financial statements of AGTech throughout 1H23.

In Wednesday’s filing, AGTech Holding issued a positive profit alert, noting that the group’s lottery distribution business also had an increase in revenue for 1H23 compared to 1H22. 

The company mentions its electronic payment, lifestyle, games and entertainment, marketing technical services and e-commerce businesses in Macau record an increase in revenue of not less than HK$30 million ($3.84 million) for 2Q23 compared to 2Q22, ‘a result of the gradual economic recovery post-COVID 19, the increase in tourist arrivals in the city and no further extension on the exemption on transaction service fees charged to small and medium enterprises after the end of February 2023.’

In addition, the company notes that the increase described above in revenue was ‘partially offset’ by a rise in other operating expenses by not less than HK$78 million ($10 million) for 1H23. Concretely, AGTech mentions an increase in service fees paid to other payment service providers of not less than HK$50 million ($6.41 million) in respect to the electronic payment services of a subsidiary of Macau Pass, an increase in distribution expenses related to lottery distribution of not less than HK$12 million ($1.54 million), and an increase in costs incurred for e-wallet services’ customer loyalty program of not less than HK$8 million ($1.03 million) for 1H23.

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