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AGTech Holdings Reveals Results as of September 30, 2019

AGTech Holdings announced the financial results corresponding to the nine-month period ended September 30, 2019. During the first three quarters of the year, the Group’s revenues totaled approximately HK $ 118.1 million. This represents a decrease of approximately 8.9%, compared to the same period of 2018.

Most of the group’s income was obtained in the areas of lottery hardware, lottery distribution supply, games, lottery systems and auxiliary services. Also in the areas of games and entertainment in the PRC and in services business.

The main cause of the group’s revenue decline was the drop in lottery hardware sales, which is estimated at about HK $ 14.5 million. However, this decrease in revenue was partially offset by an increase of approximately HK $ 6.1 million in revenue from lottery games and systems.

“We are pleased to announce that the Group continued to capitalize on many core business opportunities in the lottery and games and entertainment sectors, providing innovative and high-quality products and services to the industry, and will continue to lay the foundation for future growth opportunities,” said AGTech president and CEO, John Sun.

He added that “During the nine-month period, the Group won eleven lottery hardware tenders to supply lottery terminals to the SLACs in Tianjin, Hainan, Guangxi, Guizhou, Anhui, Beijing, Guandong, Jiangsu, Heilongjiang, Zhejiang of the PRC” And he stressed that these results demonstrate “the leading position and commitment of the Group industry in the Chinese lottery hardware market.”

John Sun said that “The Group will continue to leverage and explore in collaboration with the Alibaba Group retail ecosystem to improve lottery distribution models when appropriate.”

Explained that

“Current retail networks include Lingshoutong, Alibaba convenience stores, rural Taobao, the physical network of rural locations in China, and Cainiao Post, physical collection and collection stations in the community.”

He believes that

“the integration of lottery products and services through the new physical retail distribution channel and Alibaba networks under a new retail strategy will continue to create opportunities in the future.”

The Group expects that Paytm First Games, the mobile gaming and entertainment platform owned by the joint venture of AGTech Holdings and One97 Communications Limited, will continue to increase its user base, so as to facilitate the monetization of this unique platform, “thus capitalizing the significant potential of the fast-growing mobile entertainment market in India.”

Paytm First Games (called ‘Gamepind’ previously), launched in March a dedicated cricket channel and a fantasy cricket in May.
The CEO of AGTech commented that regarding the Group’s investment related to the formation of Ant Bank Limited (‘Xinghui Bank Limited’), “the increase of the Group in the contribution of the share capital to the JV Company demonstrates our commitment to grow the business and continue developing opportunities in Macao and abroad.”

Source: https://europeangaming.eu/portal/latest-news/2019/11/15/58646/agtech-holdings-announces-third-quarterly-results-for-the-nine-months-ended-september-30/

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Santiago Contreras

Santiago Contreras

I am a professional journalist dedicated to tracking news related to the stock market, business, finance, blockchain and economics. It is a hobby that I share with sports in general, with special attention to tennis, basketball and soccer. I like to offer our readers relevant, entertaining and useful content to help them inform themselves and make decisions every day. Thanks for reading me!

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