Move into higher-growth technologies blamed for fall in profits
AGTech reports drop in 2013 revenue
2014-04-07
Reading time 40 seg
(China).- AGTech Holdings, a provider of games and systems to China’s Sports Lottery market, saw revenues fall nine percent in 2013. The Hong Kong-listed firm blamed the decline on the decision to move away from its legacy lottery management business and into higher-growth technologies.
The strategy has entailed higher costs, on top of what the company spent last year to expand on the mainland across a number of platforms.
Gross profit declined 10% year on year to $91.3 million on a dip in gross margin of about 50 basis points, but Chairman and CEO John Sun said, “We are confident in the strong foundations of the business and are excited about the growth opportunities we see ahead in 2014 and beyond.”
AGTech claims to supply approximately 50% of China’s Sports Lottery’s betting terminals and recently won bids to supply its new M6 terminal in Hebei and Tianjin.
The company launched two virtual sports games last year—Lucky Racing and e-Ball Lottery—and is preparing to extend its reach into mobile games and sales.
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