Turns Profitable for First Half of 2021
HONG KONG, Aug. 4, 2021 /PRNewswire/ -- Crazy Sports Group Limited, ("Crazy Sports" or the "Company", together with its subsidiaries, the "Group"; stock code: 82) issues a positive profit alert, forecasting its return to profit based on the unaudited consolidated management accounts of the Group for the six months ended 30 June 2021 (the "Period"). The Group is expected to record a profit attributable to owners of the Company between HK$58 million and HK$60 million, as compared to a loss of approximately HK$16.0 million for the corresponding period in 2020. The interim profit has confirmed the profitability potential of the "Events + Quizzes, IP + Sports Games, Crazy Red Insights + Lottery Sales" businesses, raising the curtain for a bright future of development.
Crazy Sports highlighted in its positive profit alert announcement that the expected turnaround of the Group's financial results is mainly attributable to:
- the significant increase in revenue and gross profit contributed from every business areas operated by the Group, as driven by stronger demand for the Group's sports entertainment products and services; and
- the non-recurrence of loss from discontinued operations of telemedia and e-commerce business for the Period due to the restructuring of the Group which was completed in December 2020.
Since the completion of the Group's restructuring by end-2020, Crazy Sports has established its positioning as a leading listed participant in the digital sports entertainment industry in China. It has since diligently articulated strategies to tap opportunities afforded by the industry's rapid development and to dive deep into the trillion-worth sports entertainment market, leveraging its enormous database, artificial intelligence, blockchain technologies to establish the "Events + Quizzes, IP + Sports Games, Crazy Red Insights+ Lottery Sales" trio-pillar growth engine. Including UEFA Euro 2020 which has just been concluded, Crazy Sports has been well prepared by securing major international and domestic sports event IPs, signed up with major sports channels, and extended penetration of the retail lottery point of sales. These efforts fueled strong growth in the areas of user base and revenue during the course of the events.
Mr Peng Xitao, CEO of Crazy Sports, said: "The market size of the sports industry is expected to reach RMB5 trillion by 2025. Sports events are the core of the sports industry. We use technology to empower traditional sports events. With our industry-leading online paid sports information platform Crazy Red Insights APP, offline lottery sales channels covering most provinces and cities, sports games with international IPs, and a quiz platform for sports events being promoted in Hainan Free Trade Port, Crazy Sports will continue to introduce international sports events and innovate new sports entertainment experiences on digital platforms."
About Crazy Sports Group Limited
Crazy Sports Group Limited is a leading digital sports entertainment community operator and internet sports industry leader in China, and it is listed on the Main Board of HKEX (Stock code: 82.HK). Laying our strategy on powering up China through sports, we dive deep into the trillions-worth digital + sports entertainment industry racetrack. Based on the unique massive sports user database, leveraging digital, artificial intelligence and blockchain technology to empower traditional sports events, we operate in three core business areas pivoted on "Events + Quizzes, IPs + Sports Games, Crazy Red Insights + Lottery Sales". Our mission is "Let Sports Create Happiness", we are dedicated to building a multi-channel entertainment platform allowing real-time participation in sports events.