{"id":250,"date":"2024-06-26T19:30:56","date_gmt":"2024-06-26T16:30:56","guid":{"rendered":"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/26\/agtech-holdings-sees-7-7-income-rise-in-q3-fueled-by-china-lottery-market-recovery\/"},"modified":"2024-06-26T19:30:56","modified_gmt":"2024-06-26T16:30:56","slug":"agtech-holdings-sees-7-7-income-rise-in-q3-fueled-by-china-lottery-market-recovery","status":"publish","type":"post","link":"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/26\/agtech-holdings-sees-7-7-income-rise-in-q3-fueled-by-china-lottery-market-recovery\/","title":{"rendered":"AGTech Holdings Sees 7.7% Income Rise in Q3 Fueled by China Lottery Market Recovery"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/3N915BkMd2M\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Hong Kong-listed lottery solutions provider, AGTech Holdings, experienced a 7.7% rise in income during the third quarter. This growth was fueled by a general improvement in lottery sales within China, which significantly reduced the company&#8217;s net deficit.<\/p>\n<p>Income for the third quarter reached HK$67 million (\u00a36.4 million\/\u20ac7.5 million\/$8.6 million), roughly aligning with the first half of the year.<\/p>\n<p>Of this total, lottery hardware sales and services accounted for HK$39.1 million, while lottery distribution and auxiliary services through physical channels generated HK$9.5 million.<\/p>\n<p>From a lottery game and systems standpoint, AGTech generated HK$10 million in revenue from games and entertainment, and HK$8.4 million from non-lottery hardware sales and services.<\/p>\n<p>The increase in income, coupled with a slight decrease in operating expenses, saw the provider&#8217;s operating loss shrink to HK$10.2 million in the quarter, compared to HK$18.9 million in the third quarter of 2020.<\/p>\n<p>A gain of HK$3.6 million from fair value changes on financial assets held by AGTech, and net financial income of HK$3.9 million, contributed to improved profitability. The pre-tax loss narrowed to HK$2.7 million. A tax credit of HK$9,000 meant its net loss also came in at HK$2.7 million, a significant improvement from the HK$47.1 million loss a year earlier. <\/p>\n<p>AGTechs third-quarter results showed improvement, with earnings for the nine months ending September 30 rising by 36.0% to HK$144.9 million.<\/p>\n<p>Information from China&#8217;s Ministry of Finance reveals that lottery sales reached 278.5 billion yuan in the first nine months of the year, a substantial increase compared to 2020 when the pandemic severely affected the market.<\/p>\n<p>As the market recovers, AGTech has secured 20 lottery hardware bidding projects in the first three quarters of this year, supplying lottery terminals to the Sports Lottery Management Center.<\/p>\n<p>The vendor stated: &#8220;These successful bids further strengthen the Group&#8217;s leading position in China&#8217;s lottery hardware market and demonstrate the continued competitiveness of the Group&#8217;s lottery terminals.&#8221;<\/p>\n<p>&#8220;Despite the ongoing challenges and uncertainties of the global COVID-19 situation, we have witnessed a steady recovery in the Chinese market since lottery-related activities resumed,&#8221; the company added. &#8220;The Group will actively adapt and maintain its leading position in the Chinese lottery industry.&#8221;<\/p>\n<p>The lottery hardware division also contributed the majority of annual income, reaching HK$78.8 million, with an additional HK$28.8 million coming from distribution services.<\/p>\n<p>Moreover, AGTech has expanded into other consumer sectors, such as providing point-of-sale terminals for the Chinese retail market. This division was launched in 2021 and has generated revenue of HK$17.1 million to date.<\/p>\n<p>Furthermore, AGTech&#8217;s gaming and entertainment revenue reached HK$20. <\/p>\n<p>During the nine-month period concluding on September 30th, AGTech&#8217;s earnings hit a remarkable HK$1 billion.  A significant portion of this revenue, HK$18.1 million, was generated by their India-focused mobile gaming and entertainment platform, Paytm First Games.<\/p>\n<p>After accounting for operational expenses, the provider&#8217;s operating deficit for the initial three quarters experienced a substantial reduction, shrinking from HK$124.5 million to HK$65.3 million.  Concurrently, a decrease in investment losses contributed to a reduction in the pre-tax deficit, bringing it down to HK$48.3 million.<\/p>\n<p>Following the inclusion of HK$1.9 million in taxes, AGTech&#8217;s overall net loss for the nine-month period amounted to HK$46.3 million. This represents a notable improvement compared to the HK$156.9 million net loss recorded in the equivalent period of 2020.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hong Kong-listed lottery solutions provider, AGTech Holdings, experienced a 7.7% rise in income during the third quarter. This growth was fueled by a general improvement in lottery sales within China, which significantly reduced the company&#8217;s net deficit. Income for the third quarter reached HK$67 million (\u00a36.4 million\/\u20ac7.5 million\/$8.6 million), roughly aligning with the first [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>AGTech Holdings Sees 7.7% Income Rise in Q3<\/title>\n<meta name=\"description\" content=\"Hong Kong-listed lottery solutions provider AGTech Holdings reports a 7.7% increase in income for the third quarter, driven by improved lottery sales in China.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/26\/agtech-holdings-sees-7-7-income-rise-in-q3-fueled-by-china-lottery-market-recovery\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"AGTech Holdings Sees 7.7% Income Rise in Q3 Fueled by China Lottery Market Recovery\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Hong Kong-listed lottery solutions provider AGTech Holdings reports a 7.7% increase in income for the third quarter, driven by improved lottery sales in China.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/26\/agtech-holdings-sees-7-7-income-rise-in-q3-fueled-by-china-lottery-market-recovery\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Indulge in the Finest Online Casino Experience | Licensed\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-26T16:30:56+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/26\/agtech-holdings-sees-7-7-income-rise-in-q3-fueled-by-china-lottery-market-recovery\/\",\"url\":\"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/26\/agtech-holdings-sees-7-7-income-rise-in-q3-fueled-by-china-lottery-market-recovery\/\",\"name\":\"AGTech Holdings Sees 7.7% Income Rise in Q3\",\"isPartOf\":{\"@id\":\"https:\/\/jumbabetnodepositbonuscodes.icu\/#website\"},\"datePublished\":\"2024-06-26T16:30:56+00:00\",\"dateModified\":\"2024-06-26T16:30:56+00:00\",\"author\":{\"@id\":\"https:\/\/jumbabetnodepositbonuscodes.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Hong Kong-listed lottery solutions provider AGTech Holdings reports a 7.7% increase in income for the third quarter, driven by improved lottery sales in China.\",\"breadcrumb\":{\"@id\":\"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/26\/agtech-holdings-sees-7-7-income-rise-in-q3-fueled-by-china-lottery-market-recovery\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/26\/agtech-holdings-sees-7-7-income-rise-in-q3-fueled-by-china-lottery-market-recovery\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/26\/agtech-holdings-sees-7-7-income-rise-in-q3-fueled-by-china-lottery-market-recovery\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/jumbabetnodepositbonuscodes.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"AGTech Holdings Sees 7.7% Income Rise in Q3 Fueled by China Lottery Market Recovery\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/jumbabetnodepositbonuscodes.icu\/#website\",\"url\":\"https:\/\/jumbabetnodepositbonuscodes.icu\/\",\"name\":\"Indulge in the Finest Online Casino Experience | Licensed\",\"description\":\"Experience the best of online gambling through our fresh casino news, in-depth game reviews, and informative insights. 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