{"id":272,"date":"2024-06-28T04:46:54","date_gmt":"2024-06-28T01:46:54","guid":{"rendered":"https:\/\/thegodofgambling.icu\/2024\/06\/28\/agtech-holdings-sees-income-rise-cuts-net-deficit-in-q3\/"},"modified":"2024-06-28T04:46:54","modified_gmt":"2024-06-28T01:46:54","slug":"agtech-holdings-sees-income-rise-cuts-net-deficit-in-q3","status":"publish","type":"post","link":"https:\/\/thegodofgambling.icu\/2024\/06\/28\/agtech-holdings-sees-income-rise-cuts-net-deficit-in-q3\/","title":{"rendered":"AGTech Holdings Sees Income Rise, Cuts Net Deficit in Q3"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/CCCyxx340cM\"\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, saw its income rise by 7.7% in the third quarter, helping the company to significantly cut its net deficit. This was achieved against the backdrop of a general improvement in lottery sales in China.<\/p>\n<p>AGTech&#8217;s third-quarter loss shrank as the Chinese lottery market rebounded. Income for the third quarter of 2021 rose to HK$67 million (about \u00a36.4 million\/\u20ac7.5 million\/$8.6 million), roughly in line with income in the first half of the year.<\/p>\n<p>Most of this came from lottery hardware sales and services, which accounted for HK$39.1 million of total income, with another HK$9.5 million coming from lottery distribution and auxiliary services through physical channels.<\/p>\n<p>From a lottery games and systems standpoint, AGTech generated HK$10 million in income from games and entertainment and HK$8.4 million from non-lottery hardware sales and services.<\/p>\n<p>The rise in income, coupled with a slight decrease in operating costs, resulted in the supplier&#8217;s operating loss shrinking to HK$10.2 million for the quarter, compared to HK$18.9 million in the third quarter of 2020.<\/p>\n<p>AGTech&#8217;s fair value change on financial assets held generated a profit of HK$3.6 million, and net financial income was HK$3.9 million, which helped improve its profit margin. This resulted in its pre-tax loss narrowing to HK$2.7 million. A HK$9,000 income tax credit meant its net loss also reached HK$2.7 million, a significant improvement from the HK$47.1 million loss a year earlier. <\/p>\n<p>AGTechs fiscal performance has been robust in the third quarter, with income for the nine months concluding September 30 rising by 36% to HK$144.9 million.<\/p>\n<p>At the same time, China&#8217;s Ministry of Finance reported that lottery sales reached 278.5 billion yuan, a substantial improvement from 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 initial three quarters of this year, providing lottery terminals to sports lottery management centers.<\/p>\n<p>A provider stated, &#8220;These successful bids further solidify the group&#8217;s dominant position in the Chinese lottery hardware market, and also show the group&#8217;s sustained competitiveness of lottery terminals.&#8221;<\/p>\n<p>The company added, &#8220;Despite the ongoing worldwide COVID-19 pandemic, we have observed a steady recovery in the Chinese market since the resumption of lottery-related activities. The group will actively transform and strengthen its leading position in the Chinese lottery industry.&#8221;<\/p>\n<p>The lottery hardware division has produced the majority of revenue so far this year, reaching HK$78.8 million, with an extra HK$28.8 million coming from distribution services.<\/p>\n<p>Moreover, AGTech has expanded into other consumer areas, such as point-of-sale terminals for the Chinese retail market. This division was launched in 2021 and has generated HK$17.1 million in revenue so far this year.<\/p>\n<p>Additionally, AGTech&#8217;s gaming and entertainment revenue totaled HK$20 million. <\/p>\n<p>Over the past nine months, AGTech&#8217;s earnings hit a milestone of HK$100 million.  A significant portion of this figure, HK$18.1 million, was generated by Paytm First Games, a mobile gaming and entertainment platform that caters to the Indian market.<\/p>\n<p>After accounting for operational expenses, the supplier&#8217;s operating deficit for the initial three quarters experienced a substantial decline, dropping from HK$124.5 million to HK$65.3 million.  Simultaneously, a decrease in investment losses contributed to a reduction in the pre-tax deficit to HK$48.3 million.<\/p>\n<p>Following the inclusion of HK$1.9 million in taxes, AGTech&#8217;s net deficit for the nine-month period ending September 30 amounted to HK$46.3 million. This represents a notable improvement compared to the loss of HK$156.9 million recorded in the corresponding period of 2020.<\/p>\n<p>Sign up for the iGaming news bulletin. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hong Kong-listed lottery solutions provider, AGTech Holdings, saw its income rise by 7.7% in the third quarter, helping the company to significantly cut its net deficit. This was achieved against the backdrop of a general improvement in lottery sales in China. AGTech&#8217;s third-quarter loss shrank as the Chinese lottery market rebounded. Income for the [&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 Income Rise in Q3<\/title>\n<meta name=\"description\" content=\"AGTech Holdings, a Hong Kong-listed lottery solutions provider, saw its income rise by 7.7% in the third quarter, helping the company to significantly cut its net deficit.\" 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:\/\/thegodofgambling.icu\/2024\/06\/28\/agtech-holdings-sees-income-rise-cuts-net-deficit-in-q3\/\" 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 Income Rise, Cuts Net Deficit in Q3\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"AGTech Holdings, a Hong Kong-listed lottery solutions provider, saw its income rise by 7.7% in the third quarter, helping the company to significantly cut its net deficit.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thegodofgambling.icu\/2024\/06\/28\/agtech-holdings-sees-income-rise-cuts-net-deficit-in-q3\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Unleash Your Winning Potential at Our Trusted Online Casino\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T01:46:54+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:\/\/thegodofgambling.icu\/2024\/06\/28\/agtech-holdings-sees-income-rise-cuts-net-deficit-in-q3\/\",\"url\":\"https:\/\/thegodofgambling.icu\/2024\/06\/28\/agtech-holdings-sees-income-rise-cuts-net-deficit-in-q3\/\",\"name\":\"AGTech Holdings Sees Income Rise in Q3\",\"isPartOf\":{\"@id\":\"https:\/\/thegodofgambling.icu\/#website\"},\"datePublished\":\"2024-06-28T01:46:54+00:00\",\"dateModified\":\"2024-06-28T01:46:54+00:00\",\"author\":{\"@id\":\"https:\/\/thegodofgambling.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"AGTech Holdings, a Hong Kong-listed lottery solutions provider, saw its income rise by 7.7% in the third quarter, helping the company to significantly cut its net deficit.\",\"breadcrumb\":{\"@id\":\"https:\/\/thegodofgambling.icu\/2024\/06\/28\/agtech-holdings-sees-income-rise-cuts-net-deficit-in-q3\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thegodofgambling.icu\/2024\/06\/28\/agtech-holdings-sees-income-rise-cuts-net-deficit-in-q3\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thegodofgambling.icu\/2024\/06\/28\/agtech-holdings-sees-income-rise-cuts-net-deficit-in-q3\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/thegodofgambling.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"AGTech Holdings Sees Income Rise, Cuts Net Deficit in Q3\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thegodofgambling.icu\/#website\",\"url\":\"https:\/\/thegodofgambling.icu\/\",\"name\":\"Unleash Your Winning Potential at Our Trusted Online Casino\",\"description\":\"Stay on top of the latest casino trends and insights with our regularly updated news, honest reviews, and expert articles. 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