21st of May 2012 Author: Glo Wood
Profits from Lucky Racing partnership with Ladbrokes sunk nearly 35 percent
Although the group has seen an increase in revenues across the board, the Chinese gambling firm AGTech has achieved an unimpressive financial performance during Q1-2012. They have posted the following revenue figures:
* Revenues increased 117 percent to HK$42.3 million.
* Gross profit increased 73.2 percent to HK$25.2 million
* Operating profit of HK$674, 000; an increase when compared to last year's Q1 loss of HK$2.4 million.
* A vaguely categorized HK$10.4 million accounting entry on "amortization of other intangible assets" created a HK$11.8 million loss, which is progress based on the HK$13.2 million loss they suffered in Q1 2011.
Last year we saw AGTech reach a deal with Ladbrokes on a virtual road racing project called Lucky Racing, acquire lottery equipment supplier GOT as well as mobile provider Shenzhen Silvercreek.
Lucky Racing got off to a promising start but the facts are that Q1-2012 revenues decreased nearly 35 percent and the reasons are not clear.
The company aspires to expand within other Chinese provinces beyond the present Hunan operation, but their future lies in the Chinese government's bureaucrat's hands.
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