AGTech swings to first quarter profit


AGTech Holdings, China’s leading integrated lottery, games and entertainment technology company, has announced its financial results for the three months ended March 31, 2018.

Revenue was HK$17.7 million, an increase of 18.8% over revenue of HK$14.9 million generated in the first quarter of 2017. Revenue growth was primarily driven by revenues generated from the provision of distribution and ancillary services. Profit for the quarter was $170.7 million, compared with loss of $232.8 million, primarily due to several non-cash and non-operating items related to convertible bonds and contingent consideration payables.

John Sun, Chairman and Chief Executive Officer of AGTech, said, “We are pleased to announce that AGTech delivered revenue growth of 18.8% for the quarter compared with the same period in 2017. Throughout the quarter, we continued to execute on many key commercial opportunities across both lottery and non-lottery, delivering innovations and quality products and services for the industries in which we operate, further laying the foundation necessary to capitalize on the many growth opportunities in the future.”

“Importantly, by combining our experience and expertise in lottery with Alibaba Group and Ant Financial Group’s vast resources and ecosystem, we continued to demonstrate our ability to create innovative business model and deliver unique value propositions.

During the quarter, this was best illustrated through the unique Sports Lottery marketing campaign. By leveraging the enormous presence of Ant Financial’s payment platform, Alipay, and various online and offline resources, we helped increase Sports Lottery’s brand exposure, and reinvent the way Sports Lottery engage with existing customers while attracting a new breed of potential customers.  In all, we believe these efforts helped broaden the appeal and reach of lottery as a whole, contributing to the healthy development of the lottery industry as a whole.”