AGTech Announces First Quarterly 2018 Results
HONG KONG, May 12, 2018 /PRNewswire/ -- AGTech Holdings Limited ("AGTech" or the "Company", HKEX stock code: 08279), China's leading integrated lottery, games and entertainment technology company, today announced its financial results for the three months ended March 31, 2018.
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."
"In non-lottery, we continued to further the development of mind sports in the China sports industry, working to promote the many social and intellectual benefits of mind sports. By working with internationally recognized associations such as International Mind Sports Association, and the Federation of Card Games, we further our commitment to raising awareness and popularity of mind sports in China."
"Outside China, following our strategic expansion into India last year, we officially launched Gamepind, an innovative mobile entertainment platform, together with Paytm, India's largest mobile-first financial services platform, delivering high quality entertainment, various casual games and engagement experiences to Paytm's 350 million and growing customer base as well as India's enormous mobile market. Looking ahead, we are excited to continue to pursue international opportunities as we continue to seek strong suitable local partners in selected markets abroad, allowing us to serve more customers around the world in the future."
Key Financial Highlights
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.
Note: Please refer to the company's First Quarterly Results Announcement For The Three Months Ended 31 March 2018 for complete information, available on the Hong Kong Stock Exchange website at www.hkex.com.
About AGTech Holdings Limited
AGTech was incorporated in Bermuda and its Shares are listed on GEM (Stock Code: 8279). 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 over 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 games and systems, hardware and distribution); 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), an official organiser and operator of the competition card games Guan Dan and Two-on-One poker in China, and an official partner of the International Mind Sports Association (IMSA).
For more information, please visit www.agtech.com
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