AGTech narrows 16Q1 loss by 62.1 percent

HK-listed AGTech Holdings Limited announced that loss after tax decreased approximately 62.1 percent for the three month period ended March 31, 2016.

The loss for 16Q1 was HK$14.4 million, down from HK$38 million in 15Q1.

In its filing to the Hong Kong Stock Exchange, the lottery service provider said the decrease was mainly attributable to changes in value of contingent consideration payables of HK$30.4 million, improvement of gross profit margin and a decrease of selling and administration expenses. However, the loss was partially offset by the increase of the share based payments to approximately HK$27.1 million due to the relatively high value of share options granted since March 31, 2015.

Total revenue of the group in 16Q1 was HK$19.5 million, down from HK$48.5 million in 2015.

AGTech said most of this revenue came from lottery games and systems, hardware, distribution and ancillary services in the PRC.

The board did not recommend the payment of an interim dividend.