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AGTech Announces Third Quarterly Results For the Nine Months Ended September 30, 2018

2018-11-12 23:01 549

HONG KONG, Nov. 12, 2018 /PRNewswire/ -- AGTech Holdings Limited ("AGTech" or the "Company", HKEX stock code:08279), a leading integrated lottery, games and entertainment technology company in China, today announced the third quarterly results for the nine months ended September 30, 2018.

"We are pleased to announce that the Group continued to actively implement multiple important business opportunities, establish and strengthen our industry leading position in the lottery and game & entertainment areas, and demonstrate the Group's sustainable competitiveness," said John Sun, Chairman and Chief Executive Officer of AGTech.

"In the Nine-Month Period, the Group has won 15 lottery hardware tenders, accounting for over 45% of the overall sports lottery terminal tenders in China during the same period, calculated by the number of terminals. We did especially well in new android sports lottery terminal tenders in China, winning over 75% of such tenders during the same period, calculated by the number of terminals, reaffirming our industry leading position and continued commitment in China's lottery hardware market."

"The Group has announced comprehensive strategic cooperation framework agreements with Guangdong and Jiangsu sports lottery administration centers ("SLAC"), we have also launched innovative marketing with provincial SLACs such as Jilin, Hebei and Jiangsu by leveraging Alibaba Group and Ant Financial Group's vast resources. The Group believes such cooperation will effectively attract a new breed of customers to experience lottery, and improve the consumption pattern and experience of China Sports Lottery products as a whole. "

"In addition, Livecast!, our unique sports-events based social product was launched for the 2018 World Cup and Asian Games, aiming to capitalize on the growing trends in the sports entertainment sector.  With respect to our international business, Gamepind proceeds to grow its user base through various marketing and promotional activities, thus capitalizing on the significant potential of the fast growing mobile entertainment market in India. Looking forward, we will continue to leverage innovative entertainment offering with additional partners globally, and continue to capture the popularity of future sports events, including football, basketball and cricket etc."

FINANCIAL HIGHLIGHTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2018

  • Revenue of the Group for the Nine-Month Period amounted to approximately HK$129.6 million (Nine months ended 30 September 2017: approximately HK$174.2 million), representing a decrease of approximately 25.6% over the corresponding period in 2017.
  • Revenue contributions were mainly derived from lottery hardware, lottery games and systems, provision of distribution and ancillary services, games and entertainment business. The decrease in revenue for the Nine-Month Period was primarily caused by a decrease of approximately HK$52.5 million in revenue from the games and entertainment division, partially offset by an increase of approximately HK$6.9 million in revenue from the lottery games and systems and an increase of approximately HK$3.9 million in revenue from the provision of distribution and ancillary services.
  • The profit for the Nine-Month Period was approximately HK$234.5 million (Nine months ended 30 September 2017: loss of approximately HK$472.3 million). The change from loss to profit for the Nine-Month Period was mainly attributable to several non-cash and non-operating items related to the convertible bonds and contingent consideration payables under the Score Value Transaction.

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About AGTech Holdings Limited

AGTech was incorporated in Bermuda and its shares are listed on the GEM (Stock Code: 08279). AGTech is an integrated technology and services company engaged in the lottery and mobile games and entertainment market with a focus on China and selected international markets. A member of the Alibaba Group with around 400 employees, AGTech is the exclusive lottery platform of Alibaba Group and Ant Financial Group.

AGTech's businesses are broadly divided into two categories:

  • Lottery (including hardware, games and systems,  provision of distribution and ancillary services); and
  • Games and Entertainment.

AGTech is a Gold Contributor of the World Lottery Association (WLA), an associate member of the Asia Pacific Lottery Association (APLA), and an official partner of the International Mind Sports Association (IMSA).

For more information, please visit www.agtech.com

Source: AGTech Holdings Limited
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