AGTech delivers 20 pct revenue increase in 2017

Mainland Chinese lottery supplier AGTech delivered a 20 percent increase in revenue for the full year 2017, driven mainly by new developments in its Games and Entertainment business.

Revenue reached a total of HK$302.2 million (US$38.5 million), with over 30 percent of this contributed to by its Games division, which launched a number of new initiatives in 2017.

The company posted an operating loss of HK$242.6 million, narrowed from HK$267.6 million in 2016.

“Throughout this important year of our company’s history since becoming a part of the Alibaba family in 2016, we advanced our business on many important strategic fronts and continued to solidify our industry position,” said John Sun,  chairman and chief executive officer of AGTech.

“Importantly, we have begun to demonstrate the power and potential of being a part of the Alibaba family.”

“During the year, we executed on many key initiatives across both lottery and non-lottery businesses, delivering important breakthroughs for the industries in which we operate,” he added.

Earlier this year, AGTech announced the launch of a new casual gaming and shopping platform in India, marking the company’s first foray into the country.