Score Value Bond Fluctuations Nail AGTech Profit During Q3

Home » Score Value Bond Fluctuations Nail AGTech Profit During Q3

AGTech announced a 3.5 million increase in revenue in the third quarter to HKD$70.3 m (£ 7.0m/€8.1m/$9.0 m), but fair value adjustments due to the supplier’s 2014 acquisition of lottery hardware company Score Price balanced lower operating costs, resulting in a reduction in income over the span.

Lottery equipment made up $49.7 m of AGTech’s sales of $70.3 m, rising 4.2 million year-on-year. Lottery players and services make up an additional $11.8 m, 1.7% more than in 2018.

Lottery delivery and ancillary services received an estimated $5.1 m, down 12.5 million from 2018. Gaming and media sales totaled $3.7 million, a rise of 31 percent year-on-year.

Employee benefit costs were the largest cost for AGTech at $46.8 m, although this amount was down year-on-year by 24.4 million. The cost of buying and adjusting the stock has decreased to $28.8 million. Certain operating expenses fell to $18.8 m by 28.8 percent.

Depreciation charges for right-of-use properties totaled $5.2 million, while those investments fell to $605,000 for land and facilities. Other losses also declined rapidly to $2.8 m, down 85.2%.

Such drastically reduced expenses helped to reduce the operating loss of AGTech’s Q3, which plummeted by 58.8% to $30.8 million, down 58.8%.

Nevertheless, AGTech’s profits from convertible to equity or cash bond value changes fell 44.7 million to $76.5 m. It said these bonds were related to purchasing Score Quality, a portable lottery equipment maker. Gains from reductions in the market value of items owed by AGTech to Score Value’s former owners took in another $6.1 million, down 51.4%.

Price adjustments to businesses where AGTech owns a non-controlling stake rose to $16.8 million more than six fold.
Nevertheless, financial income rose 45.3 percent to $8.6 million, contributing to a $43.5 million pre-tax gain, down 44.9 percent year-on-year.

AGTech reported a total profit of $43.0 million after charging $502,000 in revenue, down 44.3 percent.


Leave a Reply

Your email address will not be published. Required fields are marked *

The following GDPR rules must be read and accepted:
This form collects your name, email and content so that we can keep track of the comments placed on the website. For more info check our privacy policy where you will get more info on where, how and why we store your data.