AGTech Announces First Quarterly Results Ended March 31, 2023
May 11, 2023 | Financial
Hong Kong, SAR (May 9, 2023) – AGTech Holdings Limited (“AGTech” or the “Group”, HKEX stock code: 8279) today announced its first quarterly results for the three months ended March 31, 2023.
• Revenue of the Group for the Three-Month Period amounted to approximately HK$169.9 million, representing an increase of approximately 381.6% over the corresponding period in 2022. For the Three-Month Period, revenue contributions were mainly derived from the lottery and related business of approximately HK$53.2 million and provision of electronic payment services in Macau of approximately HK$116.7 million.
• The profit for the Three-Month Period was approximately HK$37.2 million (Three months ended March 31, 2022: loss of approximately HK$10.8 million). The change from operating loss to profit was mainly due to: (1) the increase in total revenue of the Group; (2) the increase in other income by approximately HK$3.8 million; (3) partially offset by the increase in the depreciation and amortization expenses by approximately HK$12.3 million; (4) the increase in net finance income by approximately HK$19.3 million.
Lottery and Related Business
The Group is one of the leading suppliers in China of lottery terminals. The Group continues to focus on research and development in order to broaden and improve its product spectrum and develop new hardware ranges. The Group will continue to pursue tenders to supply to the lottery and other hardware markets.
During the Three-Month Period, the Group generated revenue from the distribution of lottery through retail sales outlets, representing an increase of approximately 48% over the corresponding period in 2022. Such an increase was mainly attributable to the increase in average lottery sales volume per sales outlet and the Group’s continuous efforts in expanding its network of collaborating retail sales outlets for lottery distribution with an increase of approximately 23% in the number of such outlets over the corresponding period in 2022.