AGTech’s profits up in first half of the year

On the heels of several new lottery contracts in the country, China’s AGTech Holdings has seen an upswing in its profits. The company reported that its numbers had improved for the first half of the year and that it had taken in a profit of $20 million over the period.

In addition to the successful deals, AGTech also indicated that the improvement stemmed from a number of non-cash and non-operating items tied to convertible bonds and payables as part of the Score Value Transaction. The total revenue for the company climbed by 14% to $7.8 million, driven by increases in revenue from its lottery operations.

AGTech’s lottery hardware business skyrocketed by 43.5% and lottery games and systems-related operations jumped 40.8%. Over the prior-year period, a 190.1% increase was seen for the company’s distribution and ancillary services. Despite the jumps, AGTech’s board didn’t recommend paying an interim dividend.

Given the company’s recent expansion in China with new contracts, AGTech feels that it is in a great position to participate in both mobile and online lotteries in the country, pending the removal of a ban on online lottery ticket distribution. Until that happens, the company hopes to continue its overseas expansion plans through acquisitions.

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