AGTech 2013 profit falls as company transitions to higher-growth business

    AGTech Holdings Ltd. said its 2013 revenue and profit fell as its focused on transitioning from its lower-growth Lottery Management business to Gaming Technology. The company said its revenue fell to HK$208.4 million ($26.8 million) from $229.3 million the year earlier, while gross profit was down to $91.3 million from $101.6 million in 2012. Looking ahead, the company said its Lucky Racing and e-Ball Lottery have been successfully launched in traditional sports lottery shops and the games are expected to be deployed nationwide via this channel, while its GOT division is benefiting from terminal replacements. However, the real prize is likely to be the potential legalisation of online and mobile lotteries.  “The group continues to closely monitor the prospective online and mobile lottery system and distribution business and is well equipped to react quickly in response to any new development of government policies,” it said.